The move was confirmed in the firm’s latest interim results as major restructuring continued following heavy losses in 2016.

The businesses being sold comprise the original Lakehouse core activities plus the acquired business of Fosters. The buyer is described as “a team of sector specialists”.

Results for the six months to March 2018 show the contractor’s construction and property services made a loss of £11.8 million on revenues of £41.3m. The associated cash outflow for the period was £9.8m. At 31st March 2018, assets held for sale were £24.1m and liabilities held for sale were £24.2m.

Lakehouse said: “The period reflected a significant improvement in the performance of Property Services, which saw a pleasing return to operational stability, if not profitability.

“Construction was impacted by a number of project delays, so whilst the business remained profitable at an underlying trading level, it performed below expectations in the period.”

Chairman Bob Holt said: “As highlighted previously, it was our strategic intention to exit from construction and property services and I am delighted to announce today that we have signed heads of agreement to sell those activities.

“The businesses, which comprise the original Lakehouse core activities plus the acquired business Fosters, are being acquired by a team of sector specialists and I believe that without the constraints of a Plc environment, they will be successful.”