The move by Dutch investment firm Reggeborgh will see VolkerWessels delist from the Amsterdam Stock Exchange and become a private company.

Reggeborgh currently has a 63.5% stake in the business and its £575m offer for the remainder is being recommended to shareholders by the VolkerWessels board.

Jan de Ruiter, Chairman of the Management Board of VolkerWessels said : “We understand the reasons of our majority shareholder to make an offer for VolkerWessels.

“Given this reality we have carefully considered and reviewed the interests of the company and all of its stakeholders.

“For us it is of eminent importance that Reggeborgh underwrites our strategy in which we as management strongly believe. With the full long-term support of Reggeborgh we can continue to fulfill our objectives.”

The company added: “Reggeborgh fully supports the long-term strategy of VolkerWessels and moreover VolkerWessels will be in a better position to deal with the increasingly challenging market conditions with a long-term shareholder in a private setting.

“The company will have a strong direct shareholder willing and able to take a long-term view on maintaining and, where possible, enhancing its market position.”

Latest results for the first nine months of 2019 show turnover up at VolkerWessels UK to £873m from £719m last time generating Earnings before interest, tax, depreciation and amortization (EBITDA) of £26m.

Group revenue during the period was £4.33bn with an overall EBITDA of £135m.