Stewart Milne announces retirement as he sells off house building business

Property magnate Stewart Milne has announced he is selling his house building business after 50 years, as he prepares to retire.

The 71-year-old, who was chairman of Aberdeen Football Club for more than 20 years, announced the move on Thursday and said the decision was made after “considerable soul searching” following the coronavirus pandemic.

He said he is stepping down from the business to spend time with friends and family, as well as other ventures he wishes to pursue.

The Stewart Milne Group is perhaps best known in Aberdeen and Shire, however it has offices across Scotland and in Manchester, employing 1000 people including sub-contractors.

The company sold its timber frame business to James Donaldson and Sons in Fife last year in a bid to focus on housebuilding in its core markets in Scotland and north west England.

There are currently around 20 developments at various stages across the country including Dargavel Village, Shawfair, Haddington, East Linton, Hooton and Congleton.

Stewart Milne said: “The unprecedented events of the last two years have forced many to re-evaluate and, after considerable soul searching, I have decided that the time is right to step back from the business I founded to prioritise my time for family, friends and other ventures I want to pursue.

“In the last 18 months, we’ve significantly strengthened the business with major efficiencies and our new homes range. This ambitious overhaul of our designs offers a new range of spacious, high quality family homes that meet the changing needs of buyers.

“We are superbly placed to capitalise on the favourable market conditions and demand which are set to continue in the near-term.”

Stewart Milne Group chief executive, Stuart MacGregor, added: “We anticipate attracting a high level of interest from potential buyers who will invest in order to capitalise on the strength of our business and the buoyancy of the current homes market.

“We have one of the strongest sales pipelines in our history and anticipate generating significant sales over the next two years.