There appears to be no let-up in bad news for construction firm Kier, which has seen its share price slump further after a major Cotswold investor cut its stake in the firm.

Kier, responsible for the striking new Transport Hub in Gloucester and main contractor for new £30 million school earmarked for Leckhampton, saw its share price fall by 10 per cent yesterday (July 10).

All of which happened in the wake of St James's Place, the Cirencester-based wealth management company, and fellow asset managers Neil Woodford, deciding to cut their stakes in Kier (which has its Gloucestershire base at Quedgeley).

This morning, in the wake of yesterday's news, it was revealed Kier Living's executive director, John Anderson, had left the business. Kier is currently trying to find a buyer for the house building operation, which built more than 2,000 homes last year.

Nick Moore, former managing director of Kier's Eastern division of the business, has taken over as managing director for the Living business.

Kier saw the price of its shares fall 50 per cent in a week from May 30 to June, then a further 40 per cent in the middle of June after it announced a restructure and potentially 1,200 job losses.

It is thought St James's Place had a 3.8 per cent stake in Kier, now thought to be less than three per cent.

Kier, which has a turnover of £4.5 billion, is now thought to be worth less than £160 million.