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The month last debt fund specialist Varde swooped on Crest, buy 30pc fair game and one quarter of its loans Lloyd ' S Banking Group in a 150 million contract from ￡.

Hedge fund, seeking to strengthen its grip on the society, is now require remaining owners and management work to refinance and restructure the debts of the company.

Despite painful restructuring last year and swap 648 million from ￡ debt shares, the company is always deal with more than 350 million pounds of senior debt and 150 m ￡ of what is known as "payment in kind" notes which invoices the enormous interest rack.

In its final accounts for the year ended October 31, 2009, Crest is a ￡ 50. 7 m loss, making debt pile punish in support.

Ridge was taken private in 2007 after a takeover of 5.3 ￡ 1 HBOS contractor and Scottish Sir Tom Hunter.

However, once the housing market crashed, the roof came off the coast of the investment.Sir Tom approximately 45 m equity ￡ struck with 648 million from ￡ dette.Au time Crest management received a game 10pc as an incentive.

The housebuilder the other owners include a collection of banks and hedge funds.

Varde, which is informed by Lazard, is understood to believe that already restructuring will establish clean Crest financial.

Such an approach would also allow the debt fund over the fairness of the current owners who may wish to align quitter.Si that happened, game Varde pourrait amounted to more than 50pc.

The American investment company is known as a "ready to own" - investor acquisition debt to take positions of large property in the target companies.

A second restructuring would last twist property of Crest Nicholson, who, like other UK housebuilders was forced by the credit crunch and falling property values in a radical restructuring.

However, the Varde believes refinancing of the crest was not as much as some competitors, leaving a competitive disadvantage as the housing market recovers.

In April Hugh Osmond, the entrepreneur who made his name at Pizza Express and punch taverns, used his new investment horizon vehicle to an approach of 350 million from ￡ to Crest - an attempt to bid indicate by the company at this time, other housebuilders - including the Galliford Try Redrow and Persimmon - reportedly trying to Crest, but none are left with a bid.

Crest Nicholson has refused to comment.

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