Building remediation: Crest Nicholson to spend £15m on newly found defects

Crest Nicholson will spend up to £15m over the next three years to remediate build defects on four of its sites completed before 2019.

The housebuilder made the announcement in a trading update published on 19 March ahead of its AGM in October.

The notice said: “Since the publication of the FY23 results, the 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. 

“As a result, the Board has decided to appoint third-party consultants to provide greater assurance on the adequacy of current provisions around these and other sites completed prior to 2019. A further update will be provided at the Group’s interim results in June.”