Housebuilder brings in external consultants to provide 鈥榞reater assurance on adequacy of current provisions鈥�

Crest Nicholson has found build defects on another four sites which it said could cost it up to 拢15m to put right.

In a trading update, the housebuilder said it had discovered the problems at the unnamed schemes in the past few weeks on jobs dating back to before 2019.

It said: 鈥淭he group has become aware of certain build defects predominantly on four sites that were completed prior to 2019 when the group closed its regeneration and London divisions. These sites will require remediation over the next three years at an estimated cost of up to 拢15m.鈥�

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Crest has brought in external consultants to make sure the provisions it has made will cover the cost of repairs

It has brought in outside consultants to run the rule over the jobs in order to 鈥減rovide greater assurance on the adequacy of current provisions鈥�.

In a note Investec said: 鈥淭he appointment of third-party consultants to provide greater assurance on the adequacy of current provisions will unnerve the market.鈥�

Crest has already had to shell out an extra 拢11m in 鈥榠ncremental build costs鈥� relating to its 239-home Brightwells Yard scheme in Farnham, Surrey, after it was hit by delays.

In today鈥檚 update, it said: 鈥淐onstruction at the Farnham development and other legacy sites which are still being completed is progressing largely as planned.鈥�

Elsewhere, the firm said it expects to complete 1,800 to 2,000 homes in the year, compared to 2,020 the previous year.

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