Crest Nicholson

Housebuilder Crest Nicholson is to focus less on building affordable housing as it seeks to combat a slump in profits.

Bellway’s plan to buy smaller housebuilder Crest Nicholson for around £720 million is now off despite months of negotiations.

The directors of housebuilder Crest Nicholson have said they are “minded to recommend” an improved acquisition bid by rival Bellway.

A £650 million bid by Bellway to take over rival housebuilder Crest Nicholson has been rejected, the second refused approach in as many months.