Crest set to grow again

April 1, 2012
Crest Nicholson is aiming to return the number of new homes it builds each year to near pre-recessionary levels, says ceo Stephen Stone.<br> <br> In contrast to the policies of the major listed housebuilders, Crest is to increase new home construction by 15% a year to return to building in the "upper 2,000s". The firm's output peaked at 3,200 homes a year but fell to 1,500 last year.<br> <br> Stone is encouraged by the strong market at the end of last year and the beginning of 2012. Visitor levels in the four months November to February are a massive 81% up on the same period a year ago.<br> <br> "The listed firms are stating that they are happy to build at their level so there is a real opportunity for mid market firms who are responding to the government housing strategy," said Stone.<br> <br> Following a debt restructuring last year, Crest says it now has sound finances and a strong balance sheet. It is 60% owned by American hedge fund Varde which is keen to see growth and the firm is striving to be in a position to float after two or three years.<br> <br> "We are aiming to grow …

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