McCarthy & Stone

McCarthy & Stone is a retirement housebuilder in the United Kingdom. The company operates from nine regional offices, and as of 2012 was responsible for building and selling more than 70% of the UK’s owner-occupied retirement housing each year.[2] By 2015, it had sold more than 54,000 properties across more than 1,200 developments in the UK.[3] The company is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

McCarthy & Stone
Public
Traded asLSE: MCS
IndustryHousebuilding
Founded1977
HeadquartersBournemouth, England, United Kingdom
Key people
Paul Lester (Chairman)
Clive Fenton (CEO)
Revenue£671.6 million (2018)[1]
£63.5 million (2018)[1]
£46.5 million (2018)[1]
Number of employees
2,402 (2018)[1]
Websitewww.mccarthyandstone.co.uk

History

John McCarthy and Bill Stone became partners in 1961, and in 1977 they built their first retirement housing development in Hampshire. Subsequently they ceased other building work to concentrate on developing specialist housing for elderly people.[4] By 1982, when the company was floated on the Unlisted Securities Market, McCarthy & Stone had completed 15 retirement housing developments and was selling around 200 units a year.[5] Growth was rapid after the flotation, and by 1984 the company operated on a national basis with annual sales approaching 1,000 units. The business was exceptionally profitable due to a rapidly ageing population.[4] Annual sales reached 2,601 units in 1988.[4]

McCarthy & Stone was de-listed from the London Stock Exchange in December 2006 following a successful takeover bid of over £1 billion from a consortium including David and Simon Reuben and Sir Tom Hunter.[6] The company was refinanced in August 2013 under new ownership[7] and was re-listed on the London Stock Exchange in November 2015.[8] In March 2017, McCarthy & Stone became the only UK housebuilder, of any size or type, to win the full five-star rating in the Home Builders Federation's customer satisfaction awards for a record 12 consecutive years.[9]

Operations

In 2010, McCarthy & Stone took its management services in-house, ending its long relationship with the management company Peverel. McCarthy & Stone Management Services provides services and support in its Retirement Living and Lifestyle Living schemes, while the company has entered into a partnership with Somerset Care, one of the largest not-for-profit care companies in the UK, to provide management, support and care in its Retirement Living PLUS schemes. This partnership is known as YourLife Management Services.[10]

The company had an agreement with Somerset Care under which the company provided social care at Somerset Care's 92 Retirement Living PLUS developments: this arrangement ended in 2019 and Somerset Care now provides its domestic and personalised care and support packages directly.[11]

References

  1. "Annual Report and Accounts 2018" (PDF). McCarthy & Stone. Retrieved 18 March 2019.
  2. "2012-based Subnational Population Projections for England – ONS". Retrieved 10 February 2016.
  3. "McCarthy & Stone on course to build 3,000 retirement homes a year" City AM. Retrieved 2015-02-03.
  4. Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
  5. Company Prospectus (1982)
  6. "Reubens and Hunter pounce at McCarthy". This is money. 1 August 2006. Retrieved 10 February 2016.
  7. "New McCarthy & Stone boss wields the axe". Construction Index. 6 March 2014. Retrieved 10 February 2016.
  8. "McCarthy & Stone prices IPO at 180p per share". Digital Look. 6 November 2015. Retrieved 10 February 2016.
  9. "McCarthy & Stone retains five star accolade for customer satisfaction for record twelfth consecutive year". McCarthy & Stone. McCarthy & Stone. 30 March 2017.
  10. Lindsay Fortado (1 July 2012). "McCarthy & Stone to Sell Financial Services, Sunday Times Says". Bloomberg.com. Retrieved 10 February 2016.
  11. "McCarthy & Stone to build £32m housing with care development". Home Care Insight. 26 September 2019. Retrieved 19 November 2019.
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