Horizon in bid for Crest Nicholson

The Sunday Times reported, that entrepreneur Hugh Osmond has made a takeover offer for Crest Nicholson through his acquisitions vehicle, Horizon Acquisitions.

Crest Nicholson would not say if it had received an offer from Horizon.

However, in an e-mailed statement Chief Executive Stephen Stone, said: "Reviewing the long term future and prosperity of the company remains a perpetual process, and any decisions we make in terms of strategic direction will be carefully considered to ensure shareholder return and the ongoing stability of the business."

In February, shell company Horizon raised 418 million pounds in an initial public offering and Osmond said he would use the funds to make a corporate acquisition.