Keith Miller is to step down as chief executive of the Miller Group at the end of March 2015 after more than 20 years in the role.

Making the announcement this morning, Mr Miller, 65, said the time was right to leave his role following three years of “tremendous growth” for the company.

His post will not be filled after his departure. Instead, the chief executives of Miller’s three divisions will report directly to the board.

Mr Miller said that he was very pleased with the excellent progress shown by the Group’s three businesses.

He said: “We have strong management teams in place in Miller Homes, Miller Developments and Miller Mining, each of which is led by its own chief executive. I am looking forward to being able to report further impressive performance from Miller Homes and our other businesses when we announce our Final Results for 2014 in a few weeks’ time.

“The Group has experienced tremendous growth over the past three years and the time is right to pass the leadership of our businesses to the respective management teams.”

Last year Miller Homes shelved plans to float on the London Stock Exchange, blaming volatility in the financial markets.

It had intended to raise about £140m to reduce debt and increase flexibility by selling off at least 40 per cent of the company.