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HHomebuilder Crest Nicholson has revealed it faces an additional £120million hit after pledging to carry out further fire safety work in the wake of the Grenfell Tower tragedy.

The FTSE 250 group said it was signing on to the government’s new Building Safety Pledge, which commits developers to new guidelines for work on potentially dangerous surfacing on buildings between 36ft and 59ft high.

Crest said he expects an additional charge from the commitments of between £80m and £120m, although he said that was only his “best estimate” at this stage. Shares fell 1.3pc.

This comes on top of a £47.8million bill for the company so far for resurfacing work from the year to the end of October 2019, including a £29million charge announced in January.

It also contributes to the new Housing Promoter Tax (RPDT) which came into force on April 1 to support the program of fire safety works on buildings over 59 feet.

It comes after reports the government had dropped demands for homebuilders to contribute to a £4billion siding remediation fund after talks with industry.

Instead, developers will have to commit to carrying out work on the mid-rise buildings they have built over the past 30 years and finance them themselves, with further financing talks postponed until later. during this year.

Mary I. Bruner