Sources close to the contractor told the Enquirer that the construction division will avoid any redundancies with the development division being hardest hit by cuts.

Jobs will also be lost in the Human Resources, IT, sustainability, finance and health and safety operations.

Lendlease confirmed this week that it will be cutting 760 jobs – about 10% of its global workforce.

Latest results for Lendlease Europe Holdings – which includes the UK and Italy – showed a £230m loss from £802m of revenue for the year ended 30 June 2022, with net assets standing at £208m.

Earlier this month Andrea Ruckstuhl was appointed CEO of the European operations, taking over from Neil Martin who retires in September.