The firm is looking to cut 15% of staff in the UK as it refocuses its business with an eye on greater investment in major mixed-use urban regeneration work.

Lendlease said it remained committed to its pipeline of opportunities secured in the UK where it still saw considerable longterm potential.

The business said it had good longterm opportunities in the Euston Station development, Silvertown and Thamesmead in London.

Around 240 staff are understood to be at risk in the shake-up.

A Lendlease spokesperson said: “First we must withstand tough economic conditions that are being addressed by nearly every business in our industry. To withstand those conditions we are proposing to reduce the size of our workforce in the UK by around 15%.

“The vast majority of our team will remain in place but, in order to achieve our long-term potential in the UK, we are proposing that our business become a leaner organisation that is fit to face the challenges ahead.”

The move follows Lendlease Group reporting a £300m worldwide loss in the year to June.

Steve McCann, Lendlease Group’s chief executive said the group would now focus on accelerating its investment pipeline, focusing on opportunities with the highest returns.

He said Lendlease would flex its development plans pulling forward build to rent and affordable housing at schemes like Silvertown Quays in East London as the build to sell market recovers.