Miller Homes has said it has dropped plans to float on the London Stock Exchange.

The housebuilding firm blamed the "volatility" of the market as the reason behind the shelved plans. Just last week, the company said it intended to raise around £140m by selling at least 40% of the company.

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Since then, however, almost £100bn has been wiped off the value of leading shares.

In a statement, Miller Homes, which is based in Edinburgh, said: "In light of the recent financial markets volatility, the shareholders of Miller Group have elected not to proceed at this time with a public offering of Miller Homes."

Major shareholders in the deal include GSO Partners, the credit arm of private equity giant Blackstone Group, RBS and a subsidiary of Lloyds Banking Group.

(JP/IT)