Bellway withdraws Crest Nicholson takeover offer
Housebuilder Bellway has revoked its £720m offer to take over its rival Crest Nicholson.
In a trading statement in July, the board of Crest Nicholson unanimously recommended to its shareholders to accept Bellway’s offer after two initial rejections.
Bellway had until 8 August to “make a firm intention to make an offer” for Crest Nicholson. The company said its decision followed its trading update last week, which showed that its completions and average selling prices were lower than in 2023.
Housebuilder Bellway has revoked its £720m offer to take over its rival Crest Nicholson.
In a trading statement in July, the board of Crest Nicholson unanimously recommended to its shareholders to accept Bellway’s offer after two initial rejections.
Bellway had until 8 August to “make a firm intention to make an offer” for Crest Nicholson. The company said its decision followed its trading update last week, which showed that its completions and average selling prices were lower than in 2023.
It completed a total of 7,654 homes in the year ended 31 July, down from 10,945 in 2023. The overall average selling price fell marginally from £310,306 to £308,000. Housing revenue was down from £3.4bn to £2.3bn over the period.
In the update, Bellway said it is “confident that its robust balance sheet and operational strength, combined with the depth and quality of its land bank, will enable Bellway to deliver volume growth in the years ahead and support ongoing value creation for shareholders”.
