Sir Tom Hunter swoops for Crest

Feb. 1, 2007
<p>Scottish entrepreneur Sir Tom Hunter (pictured) is stepping further into the UK housing market, with plans to add Crest Nicholson and possibly Wilson Bowden to his stable. The move follows Hunter’s HBOSbacked £1.1 billion takeover of McCarthy &amp; Stone last September. The Scottish bank is now looking to offload its majority stake in the retirement builder, while backing Hunter’s other bids through the Castle Bidco consortium. The consortium now has until February 28 to make a bid for Crest after the original “put up or shut up” deadline of January 12 was extended following representations by Crest’s board. In a statement to the London Stock Exchange, the housebuilder said it “intends to recommend” a Castle Bidco bid of 629.7 pence per share to its board.</p> <p>The consortium would then need to pay 620 pence per share in cash with a right to a 9.7 pence dividend, valuing the housebuilder at around £690 million. Crest announced record results for the year to October 31. Profits were up 2% to £80.1 million on a 22% increase in housing completions. Reports suggest that Hunter is similarly keen to buy Wilson Bowden, following founder and chairman David Wilson’s decision to review the family’s stake …

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