The firm was in “advanced talks” with a potential buyer but the deal has now fallen through.

Pochin is now looking to sell the division to other interested parties.

In an update to the City today Pochin said: “The Group has previously announced its intention to dispose of the concrete pumping division, with negotiations having reached an advanced stage.

“It is therefore unfortunate to report that these negotiations did not reach a successful conclusion, although discussions have resumed with other interested parties and the Group continues to work with its external advisers to complete the disposal.”

The specialist concrete firm employs 118 staff and has struggled for several years, despite efforts to cut overheads and increase plant utilisation.

Turnover at the concrete business fell to £8.8m from £9.1m last year, with operating losses down from £3m to £1.2m.

Pochin said its core construction division has “continued to deliver the improvement in performance referred to in the half year report” during 2012.

The update said: “The delay in the disposal of the concrete pumping business, albeit classified as a discontinued activity, will be reflected in the year end result.

“The Group’s core activities of construction and commercial property investment and development are performing well in current market conditions.”