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Laing O鈥橰ourke group chairman and chief executive Ray O鈥橰ourke has decided to put the firm鈥檚 拢1.5bn turnover Australian business up for sale following a strategic review of the business.

The review - carried out in the fourth quarter of 2015 鈥� was partially triggered by 鈥渦nsolicited approaches from a number of parties鈥� interested in acquiring parts of the business, including its Australian arm, O鈥橰ourke said in a statement to staff.

A formal sale process of the Australian business will now be led by HSBC Investment Bank supported by the firm鈥檚 other advisors. The business is currently run by Ray O鈥橰ourke鈥檚 son Cathal O鈥橰ourke, who assumed the role in 2013.

The statement said Laing O鈥橰ourke, which reported revenue of 拢3.85bn in the year to March 2015, also concluded from the review that to its growth strategy will require further UK investments to be made.

It said this meant its European business is to 鈥渟treamline its organisation and align its structures, processes and overheads鈥� in order to focus its business on off-site construction and 鈥渁dvanced digital engineering鈥� 鈥� an area where the group plans to 鈥渕aintain its leadership position and maximise its competitiveness鈥�. O鈥橰ourke said this investment would allow it to 鈥渃apture the operational efficiencies and cost benefits鈥� which will come from this investment.

The decision follows a tough year for the European business, which posted a loss of 拢57.5m against a profit of 拢91m for the Australian business.

The revelation also follows the announcement late last year that Laing O鈥橰ourke chief executive Anna Stewart was stepping down from her role due to illness.