Latest results filed at Companies House confirm the loss for the year to July 31 2019 compared to a £579,000 profit last time.

Turnover also tumbled to £227.5m from £332m as the number of staff fell to 301 from 379.

The contracting arm Higgins Construction saw turnover slump 42% during the year.

The Enquirer revealed last week that Higgins Homes and Higgins Construction are being combined and rebranded as Higgins Partnerships.

Higgins Group chairman Richard Higgins said: “Over the past few years we have seen a huge amount of change in the way that housing is delivered in this country. The majority of housing schemes include a blend of private and affordable tenures as well as commercial aspects and community facilities, often with multiple stakeholders involved.

“In response to these opportunities, the decision has been made to combine the production elements of Higgins Homes and Higgins Construction. Moving forward, the Group will operate with a single delivery vehicle that will be rebranded as Higgins Partnerships.

“It is important to stress however that each company will be retained.

“Higgins Homes is a successful, award winning developer and it will continue to purchase land and seek new and exciting development opportunities.

“Similarly, Higgins Partnerships (previously known as Higgins Construction) will continue to work with all of the major Registered Providers, Local Authorities and Build to Rent operators to deliver projects through partnership.

“Unfortunately, due to this integration some structural changes will be required; these difficult decisions have not been made lightly but, as we approach our 60th Anniversary, we must ensure the Group has the right foundations for the future.”