The contracting giant said the sale is part of its ongoing global restructuring.

The Enquirer revealed in March that a major restructuring is underway at Skanska UK with staff braced for more redundancies.

The company confirmed: “As part of Skanska’s ongoing global structural review, Skanska UK intends to divest its piling and foundations business.”

The move will affect around 350 staff employed at the Cementation Skanska division.

It has been part of the Skanska group since 2000 when Skanska acquired Kvaerner Construction.

Latest accounts filed for Cementation Skanska for 2016 show it made a pre-tax profit 0f £4.8m on a turnover of £87.8m.

Gregor Craig, Skanska UK’s president and CEO, said: “We have a stable business in the UK, with a strong balance sheet, and this intended divestment is fully aligned with our business strategy going forward.”