- McCarthy & Stone
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McCarthy & Stone 
Type Private company Industry Housebuilding Founded 1978 Headquarters Bournemouth, England, United Kingdom Key people Howard Phillips (CEO) Employees circa 600 Website www.mccarthyandstone.co.uk/ McCarthy & Stone plc is a British residential property developer based in Bournemouth on the south coast of England which constructs and sells private retirement homes.
Contents
History
John McCarthy and Bill Stone entered 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 sheltered housing . [1] 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.[2]
Growth was rapid after the flotation and by 1984 McCarthy had a national organisation in place with annual sales approaching 1,000. The business was exceptionally profitable due to the high densities achieved and the limited competition. [1] 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 substantial 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. [1]
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.[3]
The global financial crisis during the second half of 2008 precipitated difficulties in the housebuiling sector and McCarthy & Stone underwent a signficant financial reorganisation in 2009 with a significant debt to equity transaction. This resulted in a number of major banks and lenders becoming shareholders in the Company including HBOS and HSBC.[4]
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.
Tailored Care Living Apartments
Tailored Care Living offers flexible care and support to meet the differing and changing individual needs of residents. This care and support is available 24 hours a day from the on-site care team – YourLife Management Services, a partnership between McCarthy & Stone and Somerset Care Group, one of the UK’s largest and experienced not for profit care companies.
Offices
The Company’s head office is in Bournemouth. In addition, regional offices are located in Glasgow, Altrincham, York, Coventry, Byfleet and Bournemouth.
References
- ^ a b c Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
- ^ Company Prospectus (1982)
- ^ 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
External links
Categories:- Housebuilding companies of the United Kingdom
- Companies based in Bournemouth
- Companies established in 1978
- Housing for the elderly in the United Kingdom
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