McCarthy & Stone
 | |
| Type | Private company |
|---|---|
| Industry | Housebuilding |
| Founded | 1977 |
| Headquarters | Bournemouth, England, United Kingdom |
| Key people | Mark Elliott (CEO) |
| Revenue | £258 million (2012)[1] |
| Net income | £40 million (2012)[1] |
| Employees | circa 800 |
| Website | www.mccarthyandstone.co.uk/ |
McCarthy & Stone is a British residential property developer based in Bournemouth on the south coast of England which constructs and sells sheltered housing across the UK via five regional offices. The Company is the UK's largest builder of homes for the over 60s market, having built around two-thirds of Britain’s sheltered housing stock to date.[2]
History
John McCarthy and Bill Stone entered into partnership in 1961 as general builders and it was not until 1977 that they built their first scheme of sheltered housing for sale at New Milton, Hampshire. The new McCarthy & Stone company stopped all its other building work to concentrate on developing sheltered housing.[3] By 1982, when the Company was floated on the Unlisted Securities Market the Company had completed 15 sheltered housing developments and was selling around 200 units a year.[4]
Growth was rapid after the flotation and by 1984 McCarthy & Stone had a national organisation in place with annual sales approaching 1,000 units. The business was exceptionally profitable due to the high densities achieved and the limited competition.[3] Annual sales reached a peak of 2,600 in 1988 but a combination of the property recession and new firms entering the sheltered housing market meant losses in the early 1990s. McCarthy & Stone enjoyed support from the banks and was able to raise fresh equity; with much of the competition now vanished, the firm enjoyed a revival.[3]
Howard Phillips was appointed chief executive in 2005 and was previously employed by the Company as the Northern Operations Director.[5]
The company was delisted 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 global financial crisis during the second half of 2008 precipitated difficulties in the housebuiling sector and McCarthy & Stone underwent a financial reorganisation in 2009. This resulted in a number of major banks and lenders becoming shareholders in the Company including HBOS and HSBC.[7]
Since the global crisis, McCarthy & Stone has reported a return to year-on-year profit.[8] In the year to 31 August 2012, the Company reported a pre-tax profit of £40m.[1]
Operations
Retirement Living Apartments
Each development incorporates features specifically for the older homeowner, to make life easier in retirement. A typical development consists of circa 40 one and two bed apartments plus communal facilities such as a residents' lounge, guest suite and laundry. Residents have to be 60 or over to live in most developments.
Assisted Living Apartments
Assisted Living apartments bridge the gap between a conventional retirement development and a Nursing or Care Home. Assisted Living can help postpone the need to consider residential care and the person continues to own their own home. Communal features include a restaurant, 24-hour staffing and domestic assistance. Residents have to be 70 or over to live in most developments.
Financial Services
Launched in 2012, McCarthy & Stone extended its portfolio to offer the over 50s a range of financial services products.[9] Through various partnerships, McCarthy & Stone launched a range of specially tailored products which includes pension annuities, equity release, a will writing service, lasting power of attorney and guaranteed funeral plans, all designed to help make planning for later life a little easier.[10]
Management Services
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 Later Living schemes, while the company has entered into a partnership with Somerset Care, one the largest not-for-profit care companies in the UK, to provide management, support and care in its Assisted Living schemes.
Offices
The Company’s head office is in Bournemouth. In addition, regional offices are located in Glasgow, Altrincham, York, Coventry, Woking and Bournemouth.
References
- ↑ 1.0 1.1 1.2 Racecourse developer takes reins at McCarthy & Stone Construction Enquirer, 25 October 2012
- ↑ How to retire back in Britain – 31/05/2009 – Daily Telegraph
- ↑ 3.0 3.1 3.2 Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
- ↑ Company Prospectus (1982)
- ↑ McCarthy and Stone Board Appointment – 24/06/2005 – Investegate
- ↑ HBOS-led 'Mother Bidco' scoops McCarthy & Stone – 06/09/2006 – Contract Journal
- ↑ Hunter £30m lighter as lenders take control of McCarthy – 28/02/2009 – The Herald Scotland
- ↑ McCarthy back to profit after crash – 28/12/2011 – The Financial Times
- ↑ McCarthy & Stone to Sell Financial Services, Sunday Times Says
- ↑ McCarthy & Stone launches new financial services for over 60s
External links
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