Our business model

Our business model

At every step of the journey we aim to add value for all stakeholders

Inputs

People

To achieve our strategic objectives, the support of committed employees alongside skilled, loyal subcontractors is essential. Our business supports around 5,000 people daily, through a combination of 1,500 directly employed staff and 3,500 subcontractors.


Expertise, know-how and track record

Miller Homes has been building homes for over 90 years, and has an established record of satisfying customers and creating enduring communities. We have inherent knowledge and expertise in the best techniques and materials for creating desirable, high-quality homes. With an emphasis on placemaking, and an understanding of our customers’ needs, we design homes and developments that meet and exceed expectations. Digital technologies facilitate informed operational decision-making and a consistent approach across our 11 regional businesses. We have an award-winning personalised customer service experience.

Multi-tenure sales channels

We have a three-tenure approach to sales: private, partnership and affordable homes. We provide private homes through two brands, Miller Homes and St. Modwen Homes. We believe that this diversified sales strategy has two benefits. Firstly, it enables increased output per site, while reducing reliance on the more cyclical private sales market. Secondly, it widens the envelope of land acquisition opportunities by enabling the purchase of larger sites that can accommodate all three tenures and both private brands, without affecting financial returns.

Landbank

We have two principal land sources: land acquired on the open market and strategic land secured initially through an option agreement, and in turn promoted through the planning system. Around 70% of our land is sourced from the open market, with the 30% balance being former strategic land we have purchased following the receipt of planning. Land is acquired with at least an outline planning consent and 88% of our owned landbank has an implementable planning consent, with the remainder having an outline planning consent.

Relationships

We work with a variety of stakeholders, including local communities, local authorities, landowners, joint venture partners, suppliers, investors, subcontractors, employees and, ultimately, our customers for all three tenures. Therefore, we work hard to establish, maintain and nurture effective relationships with all stakeholders to ensure we understand their needs and concerns, and build strong and lasting relationships. We review our policies, processes and procedures regularly to meet our stakeholders’ needs and construct high-quality new homes.


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Land

Land

What we do

We identify opportunities in popular locations suitable primarily for family homes. When acquiring land, we have both gross margin and Return on Capital Employed (ROCE) targets. Site location is important in ensuring there will be sufficient customer demand from our creation of sustainable communities to achieve our required selling prices, sales rate and financial returns. How we add value We add value to land both before and after purchase, using innovative layouts. We enhance margins through our strategic landbank, which provides us with security of land supply, allowing a more selective approach to purchasing land on the open market.

How we add value

We add value to land both before and after purchase using innovative layouts. Margins are enhanced through our strategic landbank, which provides us with security of land supply allowing a more selective approach to purchasing land on the open market.

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Planning, design & innovation

Planning, design & innovation

What we do

We work with local communities to design high-quality homes in sustainable developments, resulting in successful planning outcomes. We use standard house types across the Group for both private brands, partnership homes and affordable homes. These are tailored externally to suit each location, with further differentiation in the interior of our private brands. Our in-house design team develop these house types, which in 2025 accounted for 93% of private completions.


How we add value

Our developments create direct and indirect jobs, provide affordable homes, make improvements to local road networks, and create or contribute towards new education and community facilities. Our portfolio of house types provides flexible layouts that we can adapt to our customers’ needs across all three tenures, and we have created distinct house types for each of our two private brands.

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Procurement

Procurement

What we do

Our central procurement team sources the vast majority of our housebuilding materials from 116 national suppliers across 60 product groups, ensuring consistency, quality and cost efficiency.

How we add value

Centralised purchasing ensures optimum prices and product standardisation, while also helping our suppliers manage quality and delivery times effectively.

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Production

Production

What we do

Suitably qualified employees manage our construction sites, with construction activities typically outsourced to local contractors. We adopt a partnership approach with our subcontractors, many of whom have worked with us for several years. The use of standard house types not only provides cost certainty, but also increases building familiarity for our construction teams.

How we add value

We have a well-defined quality-assurance process, which is underpinned by key stage inspections carried out by the NHBC on every home constructed. In addition, we are enrolled into the NHBC Construction Quality Review (CQR) scheme which ensures supplementary quality check are carried out on all developments. The standards driven by these quality check measures are demonstrated through the results of HBF Customer Satisfaction Surveys.

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Sales

Sales

What we do

Our sales and marketing managers focus on lead generation, securing reservations and exchanging contracts before private homes are completed. Increased use of digital marketing has allowed a more analytical and targeted approach to sales, and also enables customers to reserve their homes and select optional upgrades online.

How we add value

We regularly adapt our sales platforms and customer journey to ensure we remain relevant and satisfy the demands of our customers. We were the first major homebuilder to create a digital platform to facilitate the reservation of home purchases online and the selection and purchase of optional upgrades. In 2025, 47% of Miller Homes’ customers initially reserved online and 68% of all customers purchased optional upgrades at an average value of £8,900.


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Customer service

Customer service

What we do

We have customer service teams that include a Customer relationship manager specifically assigned to each customer before the home is handed over, and who carries on as the contact, with various check-ins with the customer once they have moved in. This helps build trust between us, our customers and our site teams. It also improves communication and helps ensure we meet customers’ needs.

How we add value

We believe excellent levels of customer service enhance our brand value, sales rates and selling prices. The significant investment in customer service in recent years has led to an increase in customer satisfaction.

Trinity Green

What differentiates us

 

There is a high degree of consistency in how we run our regional businesses.


Consistent Business Processes

Land

A bespoke land appraisal system, with all acquisitions approved by the CEO, CFO and General Counsel.

Planning

A standard house type portfolio for each brand and tenure provides design and cost certainty, as well as build familiarity.

Procurement

Centralised purchasing ensures brand consistency, product quality and optimum prices.


Production

A well-defined quality assurance process, supported by NHBC reviews.

Sales

A digital CRM system to record all aspects of the customer journey and ensure a consistent approach to lead management.

Customer service

With dashboards monitoring compliance with the NHQB Code of Conduct.


Diversification

Our regional network provides a platform for creating 7,000 homes a year, subject to market demand and land supply. Diversification helps us achieve this target.

  • Regional diversification:Each regional business is capable of building between 600 and 750 homes a year, with regional output flexed depending upon the strength of the partnership market.

  • Tenure diversification: We have expanded our partnership model with the aim of it achieving around 25% of overall Group volumes. This reduces reliance on private homes, which are expected to account for around 60% with affordable homes making up the balance. We believe this strikes the right risk/reward balance through a typical housing cycle

  • Customer diversification: We offer a broad range of private homes on our developments, typically from two to five bedrooms, supplemented by a small proportion of apartments. Three and four-bedroom homes account for around 80% of our private completions. Our private brands cover the spectrum of purchasers, from first-time buyers (38% of all private completions) to cash buyers (12% of all private completions).

     

     

     

 


Roof placement

Agility

We recognise there are cycles to the housing market, and we have a number of levers that allow us to adapt to changes in market conditions.

  • Land purchases: Strategic land agreements provide flexibility and security of supply, but without the obligation to purchase, and at a value to be agreed at the point of purchase, rather than when entering the option agreement itself.
  • Outsourced subcontractor model: Our in-house production team manages our developments using regional subcontractors, ensuring a low fixed-cost base, with labour and materials both flexed to meet demand.

  • Sales incentivisation: We can deploy a tailored range of incentives, such as part exchange and stamp duty support, to enhance private sales rates if required, in contrast to the second-hand market.

How we do business

We are a purpose-led organisation focused on long-term success – creating better places where people and planet prosper.

Our sustainability strategy, A Better Place, facilitates a culture across the Group that encourages working towards a sustainable future (E), for the benefit of everyone (S), done the right way (G).

We are focused on doing the right things and making the right choices across the whole organisation. There are ongoing initiatives that minimise the environmental impact of our operations and support the supply chain in acting responsibly and taking action to reduce their impacts. We are developing more energy-efficient homes for our customers and improving the habitats, biodiversity and local environments of our developments.

This approach to the way we conduct ourselves further builds our brand and our reputation, and provides us with an additional competitive advantage.


Value we create for stakeholders

Society

 

We go beyond simply building homes. We help create communities with the infrastructure that will support local needs for years to come, including good access to open spaces, amenities, transport connections, schools and workplaces. We contribute to government finances both indirectly and directly through tax contributions.

£122m
Contribution to Government finances


Shareholders

 

We provide investors with timely and relevant information through quarterly results updates, to allow speedy and informed decision-making. We seek to achieve regular, stable and predictable returns for our investors.

£219m

Adjusted operating profit

Supply chain

 

We support our subcontractors and supply chain partners, so they too have sustainable businesses, adopt safe working practices and invest for the future. Our visible order book and significant land pipeline help plan capacity. We collaborate on continuous improvement initiatives, and pay promptly.

£920m
Payments made to supply chain


Customers

 

We hand our customers the keys to homes built to the highest standards, customised to their needs and in the area they want to live. Our various house types provide homes at price points accessible to first-time buyers and families with a need for more space.

4.32
HBF 5* rating for customer satisfaction


Employees

 

Our employees receive fair pay, benefits, professional development opportunities and a clear career path. We aim for a positive work environment, with equal opportunities throughout the organisation. Recognising and acknowledging employees’ achievements, both big and small, reinforces a positive culture of appreciation.

31,140
Hours of training completed