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The shareholder dispute at Miller Group has been resolved 鈥渃ompletely and forever鈥�, according to its chief executive.

Keith Miller鈥檚 declaration followed the Bank of Scotland鈥檚 purchase of an undisclosed stake in the business this week.

Miller (right) said: 鈥淭he bank bought a minority interest from departing shareholders, which means it is now impossible for any further dispute to arise. The remaining shareholders are supportive of the company and we want to draw a line under the past.鈥�

Bank of Scotland lent Miller Group an undisclosed sum, which the company used to buy stock from disgruntled shareholders.

The dispute began last November when a group of shareholders led by James Miller, Keith Miller鈥檚 cousin and a former chairman of Miller Group, said it planned to sell its 64% stake in the 拢1.3bn-turnover company.

It was a credible result in a tough market. It will be challenging in 2008.

Keith Miller, chief executive

In February the group struck a deal with Keith Miller that allowed its members to sell their shares on Miller鈥檚 internal market.

Miller would not reveal which shareholders had departed but said the dispute had been caused by the 鈥渓iquidity requirements鈥� of some shareholders.

The group鈥檚 pre-tax profit fell 7% in 2007, from 拢87.2m to 拢81.2m, after the downturn in the housing market. Turnover rose 6% from 拢1.23bn to 拢1.3bn but housing revenues fell 1% from 拢729.8m to 拢721.5m. Miller said: 鈥淚t was a credible result in a tough market. We鈥檙e working on the principle that it will be a challenging market in 2008.鈥�

Despite the fall Miller said the group was within its banking covenants and had 鈥渂ags of headroom鈥�, with net assets of 拢1bn and net debt of 拢668m.

Turnover at Miller鈥檚 construction arm was up 14% from 拢342.6m to 拢389.3m. Its property arm grew from 拢158.3m to 拢198.4m.