Keith Miller, chief executive of the UK's largest privately-owned building firm, yesterday told The Herald it was a "great shame" that a feud had erupted between the company and about 30 members of the extended Miller family, who were threatening to offload their majority stake in the business.

Earlier this week, it emerged that rebel family stakeholders - calling themselves the Aligned Shareholder Group - had hired Ernst & Young to help look at options for their 60% shareholding, and that it may lead to a disposal.

Miller described the family shareholder group's move as "all rather aggressive".

He also said he was certain some members of group - that comprises "family members and others who have married into the family" - had been "railroaded" into joining those who believe they can get a lot more than the price "set by our internal market".

Shares disposals within the company have until now been handled through Miller Group's "Internal Share Market", a medium set up by the company around 10 years ago. About 20% of the company's shares have been traded on the internal market over the past seven years.

Miller, who along with his immediate family owns about 25% of the company's equity, declined to reveal how much the shares were worth. "That wouldn't be helpful," he said. "But I can tell you that they have risen in value quite considerably over the years and that shareholders have done very well out of it.

"I truly believe most of the family believe this is a solid company and want to continue to share in its profits. For those shareholders that want to exit, we want a resolution that allows them to do that."

The last available set of Miller Group accounts, obtained by The Herald from Companies House, revealed a 37% rise in the dividend payout to its controlling family shareholders, following a year of sparkling performances across all three of the firm's divisions.

A spokesman for the rebel shareholders said the group comprised of family members, most of whom are three generations removed from Sir James Miller, the father of the current chief executive who co-founded the company in 1934.

Nonetheless, Keith Miller said: "We are a very close-knit family and we do get together at Christmas time and at other occasions like that. So all this really is a great shame. But sometimes families do terrible things to each other."

Miller, who insisted the firm was not for sale, said it had already proposed to buy half of the group's stakeholding, but was "very disappointed" he had as yet received no response.

Asked about the future of the company in the event that the group can offload the 60% stakeholding, Miller said: "I would have to ask why anyone would be prepared to pay more than the market value for shares in a company and then not be able to gain a controlling interest. The internal structures of Miller Group are such that a minimum of 75% is what you need to change any of the articles."

Meanwhile, the company yesterday issued a statement saying the Miller "board is wholly committed to the independence of the company and fully backs Keith Miller and the management team".

Asked about impact of the debacle, Miller said: "Well, it's not doing the reputation of the company any good."

Asked if he would consider buying the family's 60% stake himself, he said: "I have no desire to go on an ego trip and buy the company myself. Although, I could do that. But this is about the company, not me."