Crest Nicholson

Crest Nicholson
Public
Traded as LSE: CRST
Industry Housebuilding
Founded 1963
Headquarters Chertsey, Surrey, UK
Key people
 Stephen Stone (Chairman)
Patrick Bergin (CEO)
Revenue Increase £1,043.2 million (2017)[1]
Increase £ 211.6 million (2017)[1]
Increase £ 168.6 million (2017)[1]
Website www.crestnicholson.com

Crest Nicholson is a British housebuilding company based in Chertsey, Surrey. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

History

Napsbury Park, a Crest Nicholson redevelopment in Hertfordshire

The Company was founded by Bryan Skinner in 1963 as Crest Homes and floated on the London Stock Exchange in 1968. One of the characteristics that differentiated Crest from most other housebuilders of the time was “not to hold large stocks of land”.[2]

Crest’s first diversification was in 1969 when it bought En-Tout-Cas, the leading name in tennis court construction. More significant was the 1971 acquisition of Tony Pidgley’s earth moving business. Pidgley teamed up with Jim Farrer, a board member and originally the estate agent who had provided Skinner with his first land. These two ran Crest’s housing until 1975 when they left to form Berkeley Homes.[3]

In 1972, a new holding company, Crest Securities, was formed to facilitate further diversification.[4] At the end of that year, Crest bought Camper & Nicholsons, the leading yacht maker, hence the change of name to Crest Nicholson. More unrelated acquisitions followed in the form of Lamson Engineering (1975), the spectacle makers Crofton (1979) and Greenwood Electronics (1983). Crest also bought the west-country construction firm of CH Pearce in 1985.[5]

Bryan Skinner retired through ill health in 1983 and, gradually, much of the earlier strategy was reversed. Non-housing businesses were sold in the late 1980s and in the housing division Crest began to follow a policy of acquiring a long land bank.[3] In 2007 the company was taken private after it accepted a £715m offer from a consortium led by HBOS and Sir Tom Hunter, the Scottish entrepreneur.[6] The company was re-listed on the London Stock Exchange in February 2013.[7]

In 2018 it was reported that the chief executive of Crest Nicholson had stepped down as the company reported growing profits. Stephen Stone who had been the boss of the housebuilder for 12 years became executive chairman and Patrick Bergin took his place.[8][9]

In June 2018 it was reported that the company would be pulling back from London as a cost-cutting measure. It will close its central London office and will be less likely to buy land in London.[10]

Operations

As of 2015, Crest Nicholson was building over 2,700 homes a year, predominantly in the Southern half of the UK.[11]

References

  1. 1 2 3 "Annual Results 2017". Retrieved 23 March 2018.
  2. ↑ Company prospectus September 1968
  3. 1 2 Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
  4. ↑ Company prospectus March 1972
  5. ↑ "ISG snaps up Pearce and plans Asian shopping spree". Building. 11 March 2008. Retrieved 26 March 2015.
  6. ↑ "Crest Nicholson goes private". Building. 2007. Retrieved 1 March 2013.
  7. ↑ "Housebuilder Crest Nicholson enjoys first float of the year". The Telegraph. 13 February 2013. Retrieved 29 June 2013.
  8. ↑ "Crest Nicholson boss steps down as profit rises". Construction News. Retrieved 2018-05-15.
  9. ↑ Fraser, Isabelle (2018). "Crest Nicholson boss steps down as housebuilder reports growing profits". The Telegraph. ISSN 0307-1235. Retrieved 2018-05-15.
  10. ↑ "Crest Nicholson pulls back from faltering London market". Financial Times. Retrieved 2018-07-09.
  11. ↑ "Crest Nicholson: Our Business". Retrieved 18 February 2015.
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