The Essex based contractor confirmed it has started a redundancy consultation process as part of the restructuring which “will improve operational efficiencies and provide a platform for our growth targets.”

Higgins made a pre-tax loss of £5.4m in the year to July 31 2022 after making a £4.75m provision for remediation work on completed housing schemes.

The group has also been hit by project delays caused by the Mayor of London’s second staircase rule for residential buildings over 30 metres.

Richard Higgins, Group Chairman said: “The industry has experienced volatile market conditions in recent years and the new requirement for secondary staircases has resulted in a number of schemes being delayed.

“We are positioning ourselves to ensure we are both efficient and versatile to take advantage of future opportunities. We will support our staff through this period.”

The firm declined to comment on the potential scale of job losses.

But Higgins did confirm that from August 1 it will implement succession plans with a twelve-month handover to the third generation of the family, before Richard Higgins, Group Chairman and Martin Higgins, Group Director retire in July 2024.

From August 2023, Declan Higgins will become Chief Executive Officer, Dominic Higgins, Chief Operating Officer and William Higgins, Group Executive Director.

Declan Higgins, future CEO said: “The business has ambitious targets for the next decade, focusing on growth, ESG, employee development and becoming net zero.

“In order to achieve our targets, it is essential we are operating as efficiently as possible. We understand a proposal to streamline our structure and reduce roles across the Group creates an uncertain time for all our staff and we will continue to support everyone as we move the business forward.”