The Nottinghamshire piling contractor floated on the AIM junior stock market two months ago raising £40m.

Adrian Barden, the group’s senior independent director, will take over as acting non-executive chairman.

Barden said: “Michael Ellis founded Van Elle 32 years ago and has played an instrumental role in establishing the group as the UK’s leading geotechnical contractor.

“The board is grateful for Michael’s guidance and support in achieving the recent successful initial public offering and wishes him well in his retirement.”