Troubled construction and services firm Kier has said it will cut 1,200 jobs as it seeks to make cost savings of £55m a year by 2021.
The cuts came as the firm’s boss announced a plan to simplify Kier’s business and reduce its debt.
The company will sell its homebuilding business, Kier Living, and will shut or sell other interests, including its recycling and rubbish processing units.
Kier will now focus on activities such as construction and road maintenance.
Shares in the company have fallen by more than 85% in the past year, and they fell a further 9% in early trading on Monday, to about 119p.