Crest Nicholson extends debt covenant waiver until November

Crest Nicholson has secured a two-month extension on an interest cover covenant waiver from its lenders, moving the deadline to November 30, 2026. The housebuilder is engaged in constructive discussions to amend its covenants and ensure sufficient funding and liquidity for the future.

The company is navigating a challenging period, having previously warned of an expected annual loss of £10 million due to slowing sales and weaker open-market demand. It also revised its completions forecast downward to between 1,350 and 1,400 units. Despite these headwinds, the firm noted that its year-end net debt is expected to be between £70 million and £90 million, which is an improvement over the previously forecasted £100 million to £120 million.