Hurcomb is looking to increase the firm’s turnover in other markets including nuclear, maintenance and engineering services as new private sector work in the general construction market fails to compensate for public funding cuts .

He told the Yorkshire Post: “It’s going to be a tough two years.

“The business did very well in the boom times but the reality is, now the tide has gone out a little bit, we find ourselves very, very exposed.

“My vision is to make sure in five years’ time we have a stronger, more diversified, more resilient business that is well represented in a number of sectors, which will include building, but will also include engineering services, maintenance, ICT, energy, nuclear, these things.

“We have now identified a strategy to get us through the recession and come out.”

Hurcomb took over as NG Bailey chief executive last summer when he left Carillion.

He has carried out a strategic review of the business and spent the last six months touring the offices to spell out the new strategy.

Hurcomb said he wants to grow turnover to £50m from the current £5m at the energy division by investing in the bid team and NG Bailey is in discussions with potential partners about contracts to provide electrical packages.

He wants to grow the building services maintenance division from £40m a year to up to £60m and has targeted the financial services industry as a growth market.

Another potential growth area is public sector outsourcing, in which NG Bailey will offer its services to councils looking to offload building maintenance operations. Hurcomb believes this market could be worth £100m a year.

Other areas include the £50m ICT and cabling business, which carries out work for blue-chip clients, the £8m off-site division, which takes electrical and mechanical work from the building site and does it in a factory environment, and NG Bailey’s £20m rail business. All have potential for major growth, said Hurcomb.

NG Bailey has a group turnover of £464m and employs 3,1oo staff.