The deal will allow Miller to unlock its land bank and build out sites and prepare for planned growth at the construction division.

The cash has been raised by Blackstone subsidiary GSO Capital Partners, The Royal Bank of Scotland, Noble Grossart and the Miller management team.

The move gives the financiers a 50% stake in the group.

Miller is also refinancing its existing debt, with new five year committed facilities provided by its current banking partners, Lloyds Banking Group, The Royal Bank of Scotland and National Australia Bank.

Chief executive Keith Miller told the Enquirer: “It doesn’t provide a new pot of money but means we can strengthen our balance sheet which provides a very strong platform for our growth strategy.

“We have a very high quality land bank and a lot of sites coming through which will improve our margins.”

Miller is also looking to boost its construction arm and could be taking on new staff as turnover grows.

Miller said: “We are not driven by employee numbers but the business will hopefully increase headcount over the next 12 months as turnover grows.

“Construction is flat lining at the moment but we are planning for growth.”

Michael Whitman, Senior Managing Director of GSO said, “Our investment provides The Miller Group with a strong financial foundation to capitalise on a unique portfolio of assets.

“We look forward to working with Keith, his team and the employees to pursue the many opportunities presented by the current environment.”