Struggling housebuilder Crest Nicholson wins two-month debt waiver extension as losses mount

From the Newshound archive · first published 30 September 2026 · last updated 1 October 2026.

Crest Nicholson has secured a two-month extension to the temporary waiver on its loan agreement, moving the deadline to 30 November 2026, as it pursues revised terms with lenders in the wake of a pre-tax loss of £35.2 million. The housebuilder pointed to a weaker-than-anticipated summer trading period and faltering consumer confidence as factors behind its worsening financial position. Year-end debt is now projected at between £70 million and £90 million, and the company has also warned of a full-year loss while cutting its completions guidance.

Crest Nicholson now expects to deliver only 1,350 to 1,400 homes this year, stepping back from earlier guidance of 1,400 to 1,500.

The company has swung from forecasting a profit of up to £10 million to expecting a loss before interest and tax of around £10 million.

Three consecutive years of negative operating cash flow have rattled lenders and investors as the business presses to cut its debt faster than originally planned.