Nicholson joined Crest Nicholson in May 2019. Before that he was managing director and divisional chair at house builder Linden Homes and has also has worked at house builder Berkeley Group.

Crest said Nicholson was standing down after phase one of its restructure to improve financial performance, significantly strengthen the balance sheet and assemble an experienced, diverse leadership team to implement this change in direction.

Crest Nicholson has moved back into profit following a strong sales performance and an overhaul of its balance sheet.

In January, the house builder reported a pre-tax profit of £86.9m in the Year to October 2021, compared to a £13.5m loss the previous year.

In a statement this morning Crest said: “In recognising the significant progress that has been achieved in transforming the group’s operations and the acquisition of a skilled management team to deliver the next phase of its strategy, the board and Tom Nicholson have agreed that now is the right time for Tom to leave the organisation.

“The Group thanks Tom for his hard work and dedication in helping develop and oversee the changes that now position Crest Nicholson strongly to deliver its future growth ambitions.”

Crest said it did not intend to replace the COO role in the short term.