BusinessCompany NewsRebel Miller Group shareholders call in E&Y

Rebel Miller Group shareholders call in E&Y

Splinter group of shareholders in the UK's largest privately-owned housebuilder hire Ernst & Young to find a buyer for their shares as company suffers

A splinter group of shareholders at the Miller Group has engaged Ernst &
Young to find a buyer for their stakes as the financial markets turmoil hit the
company’s fortunes.

Chief executive Keith Miller has been trying to prevent other family
shareholders from selling their shares to outsiders, but a group of them, led by
his cousin James Miller has appointed the Big Four firm because they believe
that a better price could be secured on the open market.

There has been a long-running row at
Miller as to whether the
company should be broken up or sold, but a recently issued profit warning has
brought the situation to a head.

Chief executive Miller said that the volatility in the financial markets had
discouraged buyers, which would mean that the company’s 2007 full-year profits
would be lower than in 2006.

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