German parent is said to be actively seeking bidders for UK materials firm

British materials giant Hanson UK has reportedly been put up for sale by its German parent Heidelberg.

According to the Daily Mail, Heidelberg has been sounding out bidders to pay in the region of £1bn for Hanson's UK business.

Hanson was bought by Heidelberg in 2007, leaving the German group with debts of over £5bn. Heidelberg said earlier this month it would sell off £1.7bn in assets to help service its debts.

The newspaper reported that Hanson UK would probably be broken up instead of sold to one bidder. It named Irish firm CRH and the Swiss materials group Holcim as potential bidders for one of Hanson's four divisions - aggregates and asphalt, concrete, building products and cement.