Loss adjuster Miller International celebrated the first anniversary of its management buy-out (MBO) with the announcement of further independence.

The company has bought out the equity owned by its MBO backer, the Bank of Scotland, giving total ownership to the management.

The move brings to a conclusion the company's evolution since the collapse of its former parent, Miller Fisher, which went into receivership in July last year.

The difficult start left Miller International with problems of its own.

Managing director of the construction and marine specialist Ian Porton, speaking last week, said: "On day two of the receivership, our London team was given just three hours to vacate the premises.

"They had just enough time to gather up claims documents and get out."