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Sweett Group鈥檚 chief executive has said the 拢89.4m-turnover consultant must 鈥渟hrink to grow鈥�, after the firm .

Douglas McCormick (pictured), who joined Sweett in February this year, said his 鈥減ersonal ambition鈥� was to grow the firm to 拢200m revenue 鈥� a similar size of business to the rail division he ran as rail managing director of Atkins before departing that firm last summer.

But first McCormick said Sweett must sell its Asia-Pacific division to 鈥渟ort out鈥� its balance sheet and cut its 拢9.5m net debt, which he judges 鈥渦nsustainable鈥�.

McCormick said KPMG is running the Asia-Pacific division sale process and 鈥渕ore than half a dozen鈥� firms have already expressed an interest. He said he hoped to be 鈥渃lose to a sale, or to achieve a sale, by the end of September [this year]鈥�.

Sweett鈥檚 Asia-Pacific business accounts for around 35% of its global revenue and includes operations in China, Hong Kong, Singapore, Thailand, Indonesia and Australia.

In an update to investors last week Sweett said its Asia business was growing, but, as previously announced, 鈥渋t remains likely鈥� the firm will have to make a 拢3m writedown on the value of its Australia business in its forthcoming full-year results to March 2015.

McCormick said the firm鈥檚 remaining divisions across the UK, Europe, the Middle East and the US were well-positioned to grow and improve profitability. He said: 鈥淭his is a great company, with a great portfolio, covering a great range of sectors. I expect us to flourish.鈥�

McCormick acknowledged some Sweett staff and clients were 鈥渃oncerned鈥� about the Serious Fraud Office鈥檚 (SFO) ongoing investigation into historic allegations of bribery in the firm鈥檚 Middle East division, first made in the Wall Street Journal in 2013.

Sweett said last week it has now completed its own second independent investigation into the allegations and passed the findings to the SFO. McCormick declined to comment on the findings, but said: 鈥淚鈥檇 like to reassure our staff and clients that it鈥檚 business as usual. [When the SFO investigation concludes] we鈥檒l deal with whatever justice we deserve.鈥�

In the UK and Europe, McCormick said Sweett is aiming to build on existing strength in the health, retail and education sectors, while targeting growth in the rail and nuclear sectors.

In North America, McCormick said he would like Sweett to explore further alliancing opportunities with local firms.

Even if Sweett鈥檚 existing India business is packaged up and sold with its wider Asia-Pacific division, McCormick said Sweett wants to retain a presence in India by establishing an outsourcing engineering hub in the country to help 鈥渟ervice global contracts鈥�, mimicking rivals like Hyder and Atkins in setting up outsourcing engineering hubs in south Asia.