Lloyds has sold its 30% stake in housebuilder Crest Nicholson to US investment firm Varde for a reported £150m.

The disposal brings the financial restructuring of the firm, which has a debt pile of £500m, a step closer. The sale follows the ditching of a plan to sell the bank-owned company to the listed bid vehicle of Hugh Osmond, the former Pizza Express boss, after a recent dip in the housing market. In a statement Lloyds said it had reached an agreement in principle to sell but did not confirm the buyer.

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