Muir Group, one of the largest family owned firms in Scotland, has made a series of new contracts and strategic developments during the year.
Muir Group turned over £93m in the year to 4th February 2024 and made a pre-tax loss of £3.9m.
Within the group, Muir Construction turned over £68m and made a pre-tax profit of £1.7m. This year it has secured repeat build contracts with investment company Abrdn and in the whisky industry, filling the order book for the current year and extending into the next.
Muir Homes made a £7.1m pre-tax loss last year on £17m turnover, causing the group to sink into the red. However, it has seen improvements during the year. It has recently acquired the remaining Stewart Milne Group homes in Auchterarder from the administrator, Teneo Financial Advisory.
John Muir, founder and executive chairman of Muir Group, said: “The recent drop in interest rates, although slight, has positively impacted the housing market, reducing mortgage interest rates to below 3.9%, and in some cases, 3.7% with a 5-year fixed term. This has encouraged Muir Homes to strategically invest in bringing more homes to the market in the very near future.”
Muir Homes says that this boost has been reflected in developments being sold out in Peterhead and only a handful of homes remaining at Deeside, Laurencekirk, Stanley, and Glenboig.
Muir Homes is starting on a number of new developments in Central Belt and Fife, including Dalgety Bay over coming months.
Muir Group also has significant interest within the 100-acre Forth Green Freeport at Rosyth and is working towards commissioned contracts for industrial and commercial uses, which will be subject to further interest rate reductions, and delivery of seed funding by the Scottish and UK governments.
The group also counts Muir Timber Systems and Deer Park Golf & Country Club as part of its family of companies.
John Muir said: “We are starting to see encouraging growth in the construction and homebuilding sector. Muir Construction continues to win new business, for example with Abrdn, and working on several whisky industry projects including Ardgowan Distillery in Inverclyde, a whisky maturation refurbishment project in Kirkcaldy for John Crabbie & Company’s whisky, amongst other brands.
“The reduction in interest rates has also spiked interest in our luxury homes and we have purchased the remaining partially constructed homes in Auchterarder from the administrators of Stewart Milne Group. Importantly, this will help complete the works at this development which will be reassuring for the local community. We will also begin work on new developments in the Central Belt and Fife, including Dalgety Bay.
“The establishment of the Forth Green Freeport is very exciting for our business. This project has the potential to create thousands of high quality, green jobs and would solidify Scotland’s place at the forefront of green technology, as well as delivering for the local economy. It is very welcome that the business case has been accepted and the three tax sites have now been designated, and I hope to see the seed funding delivered by the Scottish and UK governments very soon. The freeport is especially important given recent news about Grangemouth and the new HQ for Great British Energy being secured for Aberdeen.
“Elsewhere, our other businesses continue to grow steadily. Muir Timber Systems, which emerged from Muir Homes and located in our factory in Inverkeithing, the birthplace of the Muir Group, has recently won new business with a number of new housebuilders and delivered repeat contracts with our longer term clients. Deer Park has also seen a rise in membership and we are currently advancing on new indoor activities for the winter season.”
