The company confirmed it has “commenced the sale process” in a trading update this morning.

The move was first revealed in June as new chief executive Andrew Davies confirmed restructuring plans which will lead to 1,200 job cuts.

The latest update confirmed average month-end net debt for the 2019 financial year was £422m while turnover was down £100m on the previous years.

Kier said it was paying its suppliers quicker with a 41 day average in the second half of the 2019 finnacial year compared to 57 days in the first half.

Kier said: “Trading in the Group’s Infrastructure Services and Buildings divisions has remained resilient. 

“However, the Group’s turnover for the 2019 financial year is anticipated to be approximately £100 million lower than for the 2018 financial year, principally as a result of property and land-led transactions which did not complete in June 2019, which will have an impact on the Group’s profitability broadly in line with its historic gross margins.”

Kier will publish the results for its 2019 financial year on 19 September 2019.

The company also confirmed a replacement for finance director Bev Dew who will step down after the results and be replaced by Simon Kesterton.

Kesterton was Group Finance Director at RPC Group plc. Prior to this, he was Chief Financial Officer, Europe and also Chief Strategic Officer at IAC Group,

Davies said: “Simon has a broad range of finance experience across a number of sectors. In particular, he has played a key role in implementing programmes which focus on the disposal of non-core assets, the reduction of overheads and cost control. I would like to welcome Simon to Kier and I look forward to working with him.”