Some 200 British jobs were put at risk on Monday after infrastructure group Balfour Beatty axed three of its UK offices.
The company, which issued two profits warnings in the space of six months, has been looking for ways to slim down its domestic operations and focus on faster-growing emerging markets.
After reviewing 21 offices Balfour will close sites at Dartford, Rochdale and Doncaster, resulting in a ‘small number’ of job losses.
The offices account for 8 per cent of UK business, with around £1.5billion in combined revenues.
Balfour also appointed former Skanska director Nick Pollard to lead the turnaround of its British operations, which have been hit by the economic slowdown.
Shares rose 5 per cent after investors cheered the action by new boss Andrew McNaughton, who only started in April.
‘The recent UK issues are being addressed,’ said analyst Andy Brown at Panmure Gordon.
Shares, which have fallen by a fifth over the last 12 months, rose 10.3p to 226.3p, valuing the group at £1.6billion.
In April Balfour warned that UK construction was facing a 20 per cent shortfall in revenue.
McNaughton took on responsibility for the division, and fired some of the managers in charge.