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Scottish housebuilder Stewart Milne has halted the sale of its business because of 鈥渢he recent shift in the dynamics of the UK economy鈥�.

The Aberdeen-based firm said interest from prospective buyers had been 鈥渟trong鈥� but it would now focus on acquiring new sites for development and delivering homes.

The directors of the group agreed to put the business up for sale after its eponymous founder and majority shareholder announced his decision to retire in April.

But the 鈥渞ecent shift in the dynamics of the UK economy鈥�, such as higher inflation and an increase in interest rates, has put the plan on ice. The decision has been 鈥渇ully supported by the group鈥檚 secured lenders鈥�, the firm said.

Directors were in 鈥渇ruitful discussions with a number of potential bidders鈥�, but these are now on hold, the firm added in a statement.

Stuart MacGregor, chief executive of the group, said: 鈥淲e have been involved in a number of very rewarding discussions with potential buyers.

鈥淗owever, given the current uncertainty in the market, we do not think it to be in the group鈥檚 best interests to continue to pursue a sale of the company with the current bidders at this time 鈥� although we remain optimistic about future prospects and will continue to carefully evaluate, along with the group鈥檚 key stakeholders, what is best for the business as market conditions settle.鈥�

He added: 鈥淔or now, we will focus on acquiring new sites for development and delivering high quality, family homes across Scotland and North-west England. Sales interest has been strong across all our sites in recent months.鈥�

April鈥檚 sale was announced months after the Scottish housebuilder sold its timber frame arm to the Donaldson Group last December.

In its last set of results, Stewart Milne racked up an 拢8.1m pre-tax loss in the year to October 2021 on turnover up to 拢306m from 拢270m for the previous period.