Keith Miller, chief executive at the 拢300m-turnover Scottish contracting-to- mining group, is looking for expansion opportunities in the property and housebuilding markets.
"We want the message out that we are out there looking and we are a serious buyer," he said.
Privately owned Miller made a bid for Scottish property developer City Site Estates in December last year, but a rival won the 拢90m portfolio firm.
Although Miller was coy about how much the company was willing to spend on acquisitions, its 拢76m offer for City Site shows it is considering sizeable purchases.
"We would look at something really quite large if the price was right," he admitted.
The property market appeals to Miller because it is relatively low risk compared with other sectors.
He went on: "In the next 12 months, there are likely to be much better opportunities around." Miller said the company is in a strong position to fund the expansion, with 拢20m cash in the bank and 拢90m in shareholders' funds.
"We want to use our balance sheet a bit more. We are not keen on having our cash in credit. We've got the potential to increase our gearing by a substantial amount." He added: "The money is not burning a hole in our pockets either. The deals have to be at the right price and be the right fit for us." Miller Group sells 1100 houses a year. It has expanded its housebuilding interests over the past three years and now has bases in the Midlands, North-east and North-west, as well as its native Scotland.
Miller has building, civil engineering and mining divisions, in addition to property development and housebuilding.
Miller said all the businesses "are firing on all cylinders" at the moment, although he conceded that the company was "a little bit nervous" as it went into 1999.
