McCarthy & Stone to float on Stock Exchange

Grant Prior 7 years ago
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Retirement house builder McCarthy & Stone Limited has confirmed its plans to float on the  Stock Exchange.

An initial public offering of shares will raise £70m to pump into further land and building investment.

McCarthy & Stone currently has a 70% market share of the owner-occupied retirement home market and a land bank of 10,087 plots.

Clive Fenton, Chief Executive Officer of McCarthy & Stone, said: “This is an incredibly exciting time in the Company’s evolution.

“There is a structural under-supply of specialist retirement housing in the UK and McCarthy & Stone has the expertise, track record and financial strength to address this need.

“We have a proven business model with high barriers to entry and a strong brand that resonates with our target customers supported by an industry-leading record for customer satisfaction.

“Listing on the London Stock Exchange will provide the ideal foundation for the Group to move to the next stage of its development and the Board and I will continue to work hard to deliver on our ambitious growth plans.”

The company is targeting to invest £2.5bn in land and build over the next four financial years in order to grow the business.

It has a target of selling more than 3,000 units per annum over the medium term.

 

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