Crest chairman spends £450k on shares amid bid talk

By Hamish Champ2018-10-22T12:09:00

Stephen Stone buys shares in troubled housebuilder as takeover speculation mounts

Crest Nicholson’s executive chairman Stephen Stone has splashed out more than £450,000 on the embattled housebuilder’s shares amid speculation that the firm could be a bid target.

Stone’s move to buy 150,000 shares at £3.03 comes less than a week after Crest admitted that pre-tax profit for the year to the end of October 2018 would now be between £170m to £190m, instead of the £205m it forecast in June when it unveiled its interim figures, citing a tough market in London and the south east.

And press reports have suggested the UK’s 8^th largest housebuilder, whose shares have nearly halved in value in the past 12 months, could be the subject of takeover interest.

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