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Miller Wins New Management Contract Agreement

Miller Wins New Management Contract Agreement

The Miller Group (the "Group") is pleased to announce that it has been awarded a management contract for Ludgate Hill Developments Limited ("Ludgate") with a residential development value of £100m.

The contract consists of 10 sites which are located mainly in the North East and North West of England. The sites will be re-branded and fully integrated as part of the Miller Homes business. The contract was awarded by Ludgate, a company owned by the McInerney Group, following a competitive process. A number of employees from Ludgate will also be transferring to Miller Homes.

In 2010, The Miller Group was awarded management contracts with a combined residential value of £120m, including The Rock, Bury, which involves the management and sale of a 113 unit residential development as part of a wider mixed use scheme, and Thomas Mitchell Homes Ltd which consists of nine sites in Scotland.

Keith Miller, Chief Executive of The Miller Group said: "We are delighted to have been awarded the management contract for Ludgate Hill Developments following the competitive bidding process.

"It is particularly pleasing to add another management contract to those previously awarded, all of which are now successfully integrated into the Miller Homes portfolio. We are building up a significant capability in integrating and managing residential assets for our banking partners and see this as an important future revenue and profit stream for Miller Homes."

Ends

Notes to Editors:
McInerney Holdings: McInerney Holdings is an Irish-owned builder operating as McInerney Group Limited; McInerney Homes Limited; Alexander Developments (North-east) Limited; Lancing Homes Limited; Gold Homes (the Wave) Limited; William Hargreaves Limited and Bowey Homes Limited.

The ten sites transferred to Ludgate Hill Developments Limited and which are now contracted to Miller are:
Beaumont Court, Morpeth
Beaumont Grange, Warrington
Bishops Park, Gateshead
Bispham Hall, Billinge, Lanacashire
Catreffle, Wrexham
Grace, Bradford
Maddocks Grange, Telford
Whitton View, Rothbury
Wydale, Walker
Zest, Newton Heath, Manchester

About the administration of McInerney Holdings Plc: Richard Heis, Brian Green and Paul Dumbell of KPMG were appointed joint administrators to seven companies within the UK arm of the McInerney Holdings Plc group of companies on 4th April 2011. The joint administrators transferred a number of the private development sites to a solvent entity within the group, Ludgate Hill Developments Limited, to allow these sites to be developed with the aim of maximising the return to creditors.