The firm said it is undertaking an organisational review to build a platform for long-term growth.

Although the exact number of redundancies have yet to be finalised the new management team is believed to be looking at cutting staff numbers by around 10% or 90 jobs.

But one employee told the Enquirer the rumour doing the rounds was that 230 jobs could be cut over the next four months.

The changes will affect mainly head office staff, with more limited cuts also falling at its five regional offices.

Last month former Barratt and Mount Anvil director Clive Fenton joined the firm as new CEO to quickly grow the business.

John White, chairman of McCarthy & Stone, said: “Our organisational review is indicative of an ambitious programme of change within the business, designed to see us outperform growth in both our niche sector and the retirement housing market generally.”

The firm also announced a 30% increase in legal completions to 659 units in the first six months of the year, compared to a year ago, in a trading update.

This helped to lift overall half-year revenues up by around 50% to £150m.

Forward sales into the second half were up 30% year-on-year at around £133m.

Since September McCarthy & Stone has struck deals to buy 34 new development sites, totalling more than 1,100 units lifting its land bank to 8,500 units.