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Top Story
McCarthy & Stone to open three regional offices and recruit 400 staff

Retirement housing specialist McCarthy & Stone is planning to build 12,000 new homes over the next four years.

The firm will also launch three more regions by dividing each of its existing North, South West and Midlands regions into two more geographically-focused areas, giving nine regional offices in total.

More than 400 people will be recruited into these new regions over the next four years, said the firm.

The expansion plans come as the specialist revealed strong results for the six months to February 28 2015 with pre-tax profits up to £32m from £18.2m last time.

Revenue rose to £118.5m from £149.7m as McCarthy & Stone started building work on 39 sites during the period, compared to 22 in the same previous period.

Legal completions rose 18% to 776 at a net average selling price up 10% to £226k.

During the first half, McCarthy & Stone made significant further targeted investment in land with 44 additional development sites brought under its control – the most in any first half period in the company’s history.

The firm now holds a sizeable land pipeline, totalling 9,459 units (2014: 8,457), which equates to more than 5 years’ supply.

Group chairman John White said: “We continue to target investment of £2bn in land and build over four years to deliver around 12,000 new homes across more than 300 locations, support growth and capture a wider share of the active retiree market.

“Our strategy of creating an efficient and scalable business capable of building and selling more than 3,000 units per annum over the medium term remains firmly on track.

“The challenges presented by an ageing population means that there remains a pressing need to build more specialist retirement housing, and we have been actively calling on all political parties to focus on this area ahead of the forthcoming general election.

“It is imperative that they look beyond the needs of first time buyers and proactively encourage more and better housing options for our growing elderly population.”

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