Offer from venture fund Horizon did not reflect Crest’s true value, according to reports

The consortium of banks which own Crest Nicholson have reportedly turned down a £350m offer from venture fund Horizon to buy the housebuilder.

The Financial Times said the steering committee for the 42 banks which have a stake in the builder met last Friday to discuss the possible sale of the business.

It said the banks financial adviser for the sale, Morgan Stanley, said the offer did not reflect Crest’s true value.

Horizon, the listed venture vehicle owned by Pizza Express entrepreneur Hugh Osmond, tabled a bid for the housebuilder, which completed a massive £630m refinancing with its banks last year, last month.