Varde set to secure Crest Nicholson

The takeover of the housebuilder Crest Nicholson is set to be completed by the end of this month, it emerged yesterday.

Crest has been in the sights of the US hedge fund group Varde, which has been buying up its debt for the past year.

It has secured an agreement with the other lenders for a debt-for-equity swap, converting its £500m debt into shares.

The deal will leave Varde, a distressed debt specialist, with a majority stake.