The housebuilder has converted 拢359m in debt into equity, and appointed William Rucker as its new chairman
Housebuilder Crest Nicholson has completed a major debt restructuring and appointed William Rucker as its new chairman.
A total of 拢359m in debt has been converted into equity, and the company reports a strengthened balance sheet with net assets of 拢173m restated at 31st October 2010.
Crest has achieved strong summer sales, and has moved to replenish its land assets. The group鈥檚 short-term land bank comprises over 12,000 plots, and it has a further 16,000 in its strategic land bank.
With current cash balances approaching 拢100m, the company continues to implement a medium-term growth strategy based on delivering sustainable homes and mixed use communities in the southern half of the UK.
Chief executive Stephen Stone said the restructuring was a 鈥渕ilestone鈥� for the company: 鈥淲e are now free to take the business forward with a balance sheet that reflects and supports the underlying strength and potential of the business.鈥�
The debt restructuring has been followed by changes to the company鈥檚 board. Andrew Coppel has stepped down as an independent non-executive director, while William Rucker has replaced Alan Goldman as chairman.
Rucker is CEO of Lazard in the UK, Chairman of Quintain Estates & Development PLC and Non-Executive Director of Rentokil-Initial and said he was 鈥渄elighted鈥� to be joining the firm.
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