Crest Nicholson COO steps down as housebuilder restructures

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Crest Nicholson main operating serviceman Tom Nicholson is stepping down aft 3 years successful the post.

The housebuilder said it would not beryllium replacing Nicholson “in the abbreviated term” and that his departure comes arsenic it moves guardant with a palmy restructuring.

The archetypal portion of the restructuring, archetypal announced successful August 2020, had been “successfully delivered”, aft the steadfast improved its operational standards, strengthened its equilibrium expanse and beefed up its enactment team.

“In recognising the important advancement that has been achieved successful transforming the group’s operations and the acquisition of a skilled absorption squad to present the adjacent signifier of its strategy,” the radical and Nicholson had decided to portion ways, a connection published past week reads.

More accusation connected the firm’s strategical restructuring volition beryllium provided successful its half-year results, which volition beryllium published connected 14 June.

Prior to joining Crest Nicholson successful May 2019, Nicholson spent 9 years astatine Linden Homes and besides served arsenic a determination income manager astatine Berkeley Homes.

Crest Nicholson recorded a pre-tax nett of £86.9m successful its astir caller yearly accounts to 31 October 2021, compared with a nonaccomplishment of £13.5m successful the erstwhile year. The housebuilder credited that to getting escaped of poorly performing bequest schemes, and processing amended work-in-progress absorption and disciplined superior allocation.

The institution plans to unfastened 3 caller divisions by the extremity of 2024, including successful East Anglia and Yorkshire.