Stewart Milne has announced his is stepping down as chief executive of the Aberdeen-based construction group he founded in 1975.

Milne, 64, who launched Stewart Milne Construction Group originally as a bathroom renovation business, will remain in place as chairman of Aberdeen Football Club, in which he is also a major shareholder.

Current managing director of Stewart Milne Group, Glenn Allison, is expected to named as Milne’s successor. Stewart Milne is expected to move to an executive chairman role within the group.

The firm recently announced a £225 million finance deal with the Bank of Scotland, which will allow the company to build thousands of new homes and create work for hundreds of joiners.

In most recent financial accounts covering the year to June 30, 2012 Stewart Milne Group reported pre-tax profits of £486,000 on a 25 per cent rise in turnover to £210.2m.

Stewart Milne Group noted in 2012 accounts its banking facilities with Bank of Scotland, which totalled £229.2m at the 2012 year end, were up for renewal on June 30 2013, though subsequent to the year end the facilities were extended to October 31.

www.stewartmilne.com