Crest Nicholson poaches Galliford Try chief executive

Crest Nicholson has poached the boss of rival construction firm Galliford Try as it pursues a fresh strategy.

Peter Truscott will become chief executive following the end of his contract at Galliford in September.

He replaces longstanding chief executive Patrick Bergin, who has agreed to step down with immediate effect after 13 years at the company.

Chris Tinker, the group’s current chairman of major projects and strategic partnerships, will act as interim CEO until Mr Truscott’s starting date.

Chairman Stephen Stone said the new appointment would aid the company in its shift from growth to cash generation with a strong emphasis on partnerships and other joint ventures.

“Peter is highly experienced at delivering a broad range of housing needs to customers working with local authorities, housing associations as well as private homebuyers,” he said.

“This, together with his operational and public company experience, will bring strong additional expertise to our team.”

Analysts at Liberum said Mr Truscott was “extremely well suited” to delivering the operational efficiencies set out by Crest.

Shares in the company were 6.7% higher on Monday morning.

The group also updated the market on current trading, saying forward sales are currently at £686 million, putting it on track to achieve revenue and volumes similar to last year.

Galliford Try also announced on Monday that finance boss Graham Prothero will succeed Mr Truscott as chief executive.

Shares in the company dipped 3.1%.