The firm announced the business reorganisation today, which will see it formally operate through London, South, Midlands & North, Major Projects and International divisions.

Changes were needed to align the construction firm more closely with customers and allow it to reward high-performing regional teams, said McLaren.

The fast-growing business will continue to be led by executive chairman Kevin Taylor, along with group managing director Phil Pringle under the existing McLaren Construction Group banner.

Taylor said: “We are proud of our continued success and growth at McLaren. We look forward to embracing improved conditions in the construction market, and these changes will allow us to capitalise fully.

“For our employees we believe this will bring further rewards and improved opportunities to allow them to progress along their career paths.”

McLaren Property, which runs as a separate business, is unaffected by the re-organisation of McLaren’s construction operations.

Last accounts show the contractor turned over £410m last year, but a spate of major contract wins is expected to see McLaren fly through the £500m barrier this year.

Over 700 staff in the UK and the United Arab Emirates have been consulted on these changes, which will take effect immediately.

There will be no job losses as a result of the re-organisation, and McLaren will instead be looking to grow employee numbers.

It will continue to operate from its Chiswell Street and Curzon Street bases in London, Brentwood, Birmingham, Leeds, Warrington, Abu Dhabi and Dubai offices.

Pringle said: “In this current market it is crucial for construction businesses to remain close to their customers and to fully incentivise their teams. While McLaren Construction is currently trading profitably, our performance can always be improved as we seek to gain market share and grow our customer base.