It has now begun the process of marketing its infrastructure services operations to potential buyers.

Skanska said it would only consider bids that protect contract delivery and teams.

Gregor Craig, president and CEO of Skanska UK, said: “We have a strong platform for the future as a result of our financial resilience, selective work winning and disciplined management.

“We have decided to streamline our UK operations to focus more on our core infrastructure and building markets and create greater alignment between Skanska’s UK activities and its approach in global markets.”

Skanska said it would remain fully committed to the delivery of all current contracts throughout the sale process, and would do all it could to minimise any impact and ensure a seamless transition once a buyer is identified.

An insider told the Enquirer: “There is a bit of a mixed reaction to the news. Some were around when Atkins sold to Skanska and think that was quite positive.

“Others are worried about the future naturally, a sale this size will easily take 12 months, which is a long time to be uncertain about your job.”

It is the second time the UK arm of the Swedish construction giant has sought to sell part of its business.

Nearly two years ago piling arm Skanska Cementation was marketed with a price tag north of £50m. But after failing to agree on a price with prospective buyer concrete contractor Morrisroe, the foundation firm was retained.