Crest Nicholson secures two-month extension on waiver from lenders

A interest cover covenant waiver on Crest Nicholson’s debt facilities has been extended until the end of November as it continues discussions with lenders, the housebuilder has said.

Back in July, the firm said discussions to amend conditions on a £250m revolving credit facility were “well advanced” but earlier this month issued an update announcing “some slippage in the current timetable.”

Today, the housebuilder released a statement updating the market on the progress of these negotiations.

“Further to the trading update issued on 3 September 2026, the Group remains in constructive discussions with its lenders to amend its covenants and ensure that it has an appropriate level of funding and liquidity going forwards,” it said.

“The Group’s debt facilities are currently subject to an interest cover covenant waiver and a further extension of the waiver has been agreed with the lenders until 30 November 2026.”

In its update earlier this month, the housebuilder had warned that it expected to report a loss of  £10m in its full-year accounts due to slowing sales, having previously forecast profit of between £5m and £10m. 

It also revised down its completions forecast, from 1,400-1,500 to 1,350-1,400.

It said the reduction in profitability reflects lower expected completions following weaker open-market demand and continued competitive pricing, particularly in bulk transactions, also resulting in some write-downs on a small number of sites. 

But it said its year-end net debt would be better than previously indicated at between £70m and £90m, compared to £100m to £120m as previously forecast.