McCarthy & Stone to spend £1.5bn opening 250 sites

Aaron Morby 10 years ago
Share

Britain’s leading builder of retirement apartments McCarthy & Stone has unveiled plans to ramp up building activity in the face of growing demand.

Unveiling strong growth in sales and profits for the year ending August, it said demand for retirement homes was taking off again with the general recovery in the housing market.

Chief executive officer, Mark Elliott, who joined the firm a year ago, said: “2013 has been an important and successful year for McCarthy & Stone.

“With the help of our new investors, the company has been refinanced and put back on a firm financial basis for the first time since the ‘credit crunch’.

With planned investment of some £1.5bn in over 250 sites over the next four years, I believe the company is well placed for continued growth.”

McCarthy & Stone achieved an 11% uplift in apartment sales to 1,527, delivered a 21% growth in revenue to £311m and a 15% rise in trading profits to a five year high of £46m.

The builder said the improving general housing market conditions was coupled with a significant nation-wide need for more specialist retirement developments.

Research commissioned by the Home Builders Federation reveals 58% of over-60s are interested in moving home but that many are restricted by a lack of suitable alternative housing.

One quarter said they were interested in buying a retirement property – indicating a total development market of demand from 3.5m people, which dwarfs the 100,000 retirement properties currently built.

Latest news

More Osborne companies file administration notices

Three more divisions lodge notices with court
5 hours ago

McLaren wins multi-storey urban logistics contract

South London win with British Land is pioneering urban logistics hub
5 hours ago

Big social housing schemes at risk over funding uncertainty

Housing associations warn uncertainty over public funding beyond 2026 is curbing new schemes
5 hours ago

Kier wins Worcestershire town centre renewal

Firm secures Bromsgrove commercial and cultural hub project
4 hours ago

BAM signs Kent school contract at £42m

Sevenoaks school rebuild signed off at £8m more than first estimates
5 hours ago

RG Group signs £121m Newcastle rental homes job

Developer Olympian Homes advances 519 flats plan at Pottery Lane site
3 days ago

Geoffrey Osborne files administration notice

Contractor in talks to save parts of the business
3 days ago

Winners named for £260m Manchester Uni framework

B&K, Henry Bros, Graham, Robertson and Vinci among new line-up
3 days ago

Shed specialist Benniman rides out market lull

Worcestershire warehouse builder says industrial and logistics work is picking up again
3 days ago

Another contractor cleared after high profile immigration raid

Adana Construction employees were working legally on site swooped on by Home Office
3 days ago

McAleer & Rushe wants to meet new London suppliers

Contractor holding Meet the Buyer event in London: Register now
3 days ago

McAlpine signs £500m Broadgate dual towers deal

Work to start on iconic 36-storey and 21-storey towers
4 days ago

Worker rescued from collapsed four metre deep trench

Fire crews take six hours to save trapped builder near Blackwall Tunnel
4 days ago

Gove puts another major building scheme on hold

Secretary of State starts another planning fight after M&S defeat
5 days ago

Greenwich University tenders £300m framework

Up to five firms will carry out upgrade and newbuild work at three campuses
4 days ago

Work starts on Manchester 26-storey Obsidian tower

Contractor Domis starts Salboy's 10th Manchester scheme in seven years
4 days ago

Race for £1.3bn West Midlands social homes framework

The Community Housing Group reboots tender race for new build housing
4 days ago

Delancey submits £400m King’s Cross lab plans

200,000 sq ft lab/office project will be built above railway and tube tunnels just 4.5m below
5 days ago

Winners revealed for £150m fire safety framework

New deal will help organisations comply with the Building Safety Act
4 days ago

Sellar plans £500m City tower next to Walkie-Talkie

Consultation starts on London 60 Gracechurch Street tower
5 days ago

Severfield ends year on high with record order book

Orders top £500m with strong future pipeline of opportunities ahead
5 days ago

Second senior director exits National Highways

Commercial director Malcolm Dare set to move on to new role
5 days ago

New scheme fuels London lab building boom

Plans in for 160,000 sq ft Whitechapel scheme near Royal London hospital
5 days ago

Contract race starts for next £155m section of A9 dualling

Prior Information Notice published for Tay Crossing to Ballinluig stretch
6 days ago

£55m Sheffield build-to-rent scheme approved

Demolition to start later this year for 158-flat Sheffield Garden project
6 days ago

London back as most expensive place to build in world

Capital leapfrogs Geneva to top costliest construction rankings
6 days ago

Gas supplier Regent to buy TClarke for £90m

£491m turnover listed building services specialist to be sold
6 days ago

Steel contractor Billington launches into bridge market

Steelwork firm hires staff from failed architectural and bridge specialist SH Structures
6 days ago

McGee employees benefit from rise in profits

Pre-tax profit doubles boosting payouts for Employee Ownership Trust
6 days ago

Lendlease veteran is latest new McAlpine director

Paul Sims joins as Operations Director after 40 years at rival contractor
7 days ago

Contractor services