Crest Nicholson extends loan waiver as finances deteriorate

Crest Nicholson, a housebuilder listed on the London Stock Exchange, has won more time from its lenders to renegotiate its debt terms. The lenders have agreed to extend a temporary waiver until 30 November. This gives the company space to work on a longer-term agreement.

The company lost £35.2 million before tax in the six months to the end of April. It expects to make a loss for the full year too. Crest says it is working closely with lenders and that talks are going well.

By the end of the year, the company expects to owe between £70 million and £90 million. That would be around £30 million less than it previously thought, because it has been paying down debt more quickly.