Disposal of marina business

Crest Nicholson PLC
07 July 2004

                                                                     7 July 2004


                              CREST NICHOLSON PLC

                          Disposal of marina business


In line with its strategy to focus on the core business of residential and
mixed-use development, Crest Nicholson PLC announces that it has completed the
sale of its marina business, Crest Nicholson Marinas, to the current management
team for £2.9m in cash. The disposal will not have a material impact on the
Group.



Enquiries to:

Crest Nicholson PLC                           Brunswick Group LLP
Peter Darby, Finance Director                 Kate Miller
Tel: [phone]                             Robert Gardener
                                              Tel: [phone]


Notes to editors

Crest Nicholson Marinas Limited is a marina owner and management company
employing approximately 50 staff. The company owns marinas at Conwy, Penarth and
Newcastle and has management contracts at Bangor and Portishead Quays.




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