Rumours of a major boardroom shake-up have also been circulating but they were denied by the company.

A spokesperson for Forrest said: “The company is currently undergoing a restructuring in order to focus resource on our growth markets and around 30 redundancies will be made as a result.

“All employees immediately affected have been informed and it would be improper for us to comment any further on individual cases until this process is complete.

“Rumours of the board being sacked are completely untrue.

“While the construction sector has faced a number of challenges over the last 12 months, the outlook for Forrest post restructure is positive.

“We have a strong order book and last year recorded the highest value of contract wins in our 62 years of trading.

“We are currently working on a number of major redevelopment projects across the UK and these changes will in no way impact work with our existing clients.

“A refinance is also due to complete by the end of this month and we will provide a further update at this point.”