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Crest Nicholson closing central London office

In a statement with its half-year results for the six months ended April 30, Crest Nicholson Holdings PLC CEO Patrick Bergin said the housebuilder plans to close its central London office and re-open a South East division based in Kent.

The move would provide flexibility for less reliance on London where "conditions or returns are not attractive," according to the statement.

The company is pulling back from the city amid cost cutting measures and an attempt to reduce exposure to the British capital's "faltering" housing market, London's Financial Times reported June 12.

According to the publication, the housebuilder said it is less likely to acquire land in London in the next 18 months and instead intends to focus on the Kent office covering the southeast as it increases focus on the U.K. regions.