Crest Nicholson finds more defects

The emergence of new problems in the past eight weeks has prompted Crest Nicholson to review its books and the provisions taken for remediation work.

In a trading update for the annual general meeting of shareholders taking place today, Crest Nicholson said: “Since the publication of the FY23 results [in January], the group has become aware of certain build defects predominantly on four sites that were completed prior to 2019 when the group closed its Regeneration and London divisions.

“These sites will require remediation over the next three years at an estimated cost of up to £15m.  As a result, the board has decided to appoint third party consultants to provide greater assurance on the adequacy of current provisions around these and other sites completed prior to 2019. A further update will be provided at the group’s interim results in June.”

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