Crest Nicholson lenders hire A&M for help with restructuring - report

(Sharecast News) - Lenders to housebuilder Crest Nicholson have reportedly hired a leading team of restructuring experts for crucial talks aimed at easing pressure on its balance sheet. According to Sky News, a syndicate of banks including Barclays, HSBC, Lloyds Banking Group and NatWest Group has hired Alvarez & Marsal (A&M) to advise it.

The housebuilder announced last month that the publication of its half-year results would be delayed as talks with lenders continued. News of the delay came after it said in April that it was in talks with lenders about a temporary covenant relaxation.

"Discussions are progressing constructively and are expected to conclude by mid-July 2026," it said on 19 May. "Accordingly, the publication of the group's half year results will be delayed to allow sufficient time for the orderly completion of the covenant reset process and for the group's auditors to complete their review processes."

One source close to Crest Nicholson told Sky the company retained significant headroom within its existing borrowing facilities and that it was not financially distressed.

The company said last month that any relaxation of its banking covenants would be temporary.

At 1342 BST, the shares were up 1.5% at 70.20p.