2000–2019
During June 2000, Pearce Group, the construction division of Crest Nicholson, reported an operating loss of £100,000 over a six month period, which was attributed to its retail activities;[13] despite this, the division benefitted from a housing boom at that time.[14] In the following year, chief executive John Callcutt publicly voiced his opposition to both mergers and quotas in the housebuilding sector.[15][16] During early 2002, Crest Nicholson began seeking a buyer for Pearce Group,[17] although it went on to reject an offer submitted by Montpellier in June of that year.[18] In the latter half of 2002, Pearce Group was reoriented towards the public sector and its high-tech unit was permanently shuttered amid losses.[19][20] Pearce Group was eventually sold via a management buyout.[21]
During the mid 2000s, Crest Nicholson placed an increased emphasis on the affordable housing sector of the market,[22] and continued to pursue organic growth of the business.[23] In March 2005, Heron Corporation submitted a £480 million bid to takeover Crest Nicholson which was rejected by the firm's management;[24][25] two months later, Heron walked away from talks.[26][27]
In March 2007, the company was taken private after it accepted a £715 million offer from a consortium led by HBOS and Sir Tom Hunter, the Scottish entrepreneur.[28][29] The company was re-listed on the London Stock Exchange in February 2013.[30]
During 2010, subsidiary company Crest Nicholson (Londinium) Ltd. was party to a high court and Court of Appeal case which addressed the difference between the court's role in construing the terms of a contract which two parties had agreed, and its role in assessing whether an offer capable of acceptance had been made, and if so, whether it had been accepted.[31]
In May 2018, it was reported that Stephen Stone, the then chief executive of Crest Nicholson, had stepped down after heading the housebuilder for 12 years. Strong became the firm's executive chairman while Patrick Bergin was appointed chief executive.[32][33]
During June 2018, it was reported that the company would be pulling back from the London housing market as a cost-cutting measure.[34] It will close its central London office and will be less likely to buy land in London.[35]
In January 2019, Crest Nicholson put a £400 million housing development in Hove on hold in response to the company achieving lower profits. The company's chief executive, Patrick Bergin, informed The Times that "It would be imprudent of us to make a commitment on a scheme of that type when we've got limited visibility on future pricing."[36]
During September 2019, the company appointed Peter Truscott as chief executive along with the adoption of a new strategy of reducing overhead costs and repositioning its margins.[37] That same month, it announced the appointment of Iain Ferguson as its new chairman.[38]
