Crest Nicholson COO steps down as housebuilder restructures

Crest Nicholson chief operating officer Tom Nicholson is stepping down after three years in the post.

The housebuilder said it would not be replacing Nicholson “in the short term” and that his departure comes as it moves forward with a successful restructuring.

The first part of the restructuring, first announced in August 2020, had been “successfully delivered”, after the firm improved its operational standards, strengthened its balance sheet and beefed up its leadership team.

“In recognising the significant progress that has been achieved in transforming the group’s operations and the acquisition of a skilled management team to deliver the next phase of its strategy,” the group and Nicholson had decided to part ways, a statement published last week reads.

More information on the firm’s strategic restructuring will be provided in its half-year results, which will be published on 14 June.

Prior to joining Crest Nicholson in May 2019, Nicholson spent nine years at Linden Homes and also served as a regional sales manager at Berkeley Homes.

Crest Nicholson recorded a pre-tax profit of £86.9m in its most recent annual accounts to 31 October 2021, compared with a loss of £13.5m in the previous year. The housebuilder credited that to getting rid of poorly performing legacy schemes, and developing better work-in-progress management and disciplined capital allocation.

The company plans to open three new divisions by the end of 2024, including in East Anglia and Yorkshire.

Leave a comment