New McCarthy & Stone boss plans to reboot business

Aaron Morby 5 months ago
Share

The new chief executive of retirement living specialist McCarthy & Stone is planning a new strategy to turn the business around.

Tonkiss aims to maximise firm's mass market appeal by increasing the affordability of its homes

John Tonkiss, chief executive officer, will shift the firm’s focus from growth to profit and right-size the business to a steady output of 2,100 new homes a year.

He also aims to slash build costs utilising standard, more efficient designs and optimising subcontract procurement practices.

His cost-cutting programme is targeted to save more than £40m a year by 2021.

Tonkiss, who has already spent four years at McCarthy & Stone as chief operating officer, formally takes the helm today following Clive Fenton’s retirement last month.

Before joining McCarthy & Stone, he spent 10 years at Unite Students, where he held the same role.

Announcing the new strategy, he said: “We are positioning the business to succeed in the current challenging market environment and over the next three years, we will be focusing on increasing shareholder returns by optimising our operations to deliver strong financial performance.

In parallel, we will also aim to leverage our longer term strategic opportunity to increase our customer appeal, diversify our revenue streams and reduce our exposure to the market cyclicality.”

He said this would include an improved offering that broadened affordability, flexibility and choice for customers

“As the market leader in the retirement sector, we need to set the vision for what retirement living should become.

“We are more than just a housebuilder, as we create retirement communities that enrich the quality of life of our customers and their families.

“I believe that our new strategy will further build upon the strong fundamentals in the business, which include an expected 88% increase in the number of people aged 85 and over by 2037, our significant share of the owner-occupied retirement market, and our industry-leading levels of customer service and build quality.”

Latest news

Aberdeen bypass to fully open on Tuesday

Last section of the Aberdeen Western Peripheral Route finally accepted by Transport Scotland
15 mins ago

Worker killed in 14 metre fall through temporary platform

Rydon and subcontractor fined total of £860,000 after fatal plunge
18 mins ago

Laing O’Rourke director killed in car crash on way to work

Tributes to Caroline Blackman who died early on Wednesday morning en route to Hinkley
3 days ago

Kier cutting jobs on Highways England contract

More than 100 workers facing redundancy across Midlands Area 9
3 days ago

Buckingham confirmed for £120m Swansea arena

Six months of pre-construction work to now get underway
3 days ago

Two North West smart motorway projects delayed

Costain and Galliford Try jobs put back by more than a year
3 days ago

Lendlease wins £8bn Thamesmead development

Morgan Sindall beaten in race for 11,500 home site
3 days ago

Government pledges £80m for Dawlish sea wall project

South Devon railway sea wall will be rebuilt and increased in height by 2.5m
3 days ago

30 jobs lost as Yorkshire precast firm collapses

Rippon-based Ebor Concretes placed in administration
3 days ago

Go-ahead for 200-home Cardiff build-to-rent scheme

Work to start on central Cardiff scheme this summer
4 days ago

Balfour renews £220m London Tube track upkeep

Four-year term will start in April with option to extend by six years
4 days ago

Boost your online presence – join the Enquirer Directory

New site for suppliers and buyers showcases products, services and latest stories
10 months ago

Bouygues paid £21m not to build Garden Bridge

Transport for London documents detail £53.5m wasted on doomed crossing
5 days ago

Government signs off £250m for major housing projects

Deal to release £157m for housing infrastructure in Cumbria and Devon
4 days ago

Beetham Tower owner faces £4m reclad bill

Owner will have to foot remedial facade works bill in wake of Carillion collapse
4 days ago

WYG profit warning sees share price crash 40%

Consultant back in talks with lenders over breaching banking covenants
5 days ago

United Living hires former Wates business director

Michael Holling takes role as northern and Midlands operations director after 24 years at Wates
4 days ago

Union demands death benefits for all construction workers

Unite says lack of employer-paid cover should be as unacceptable as not wearing a hard hat on site
5 days ago

Scaffold collapse on school misses kids by metres

Court hears how untied scaffold fell into Welsh school
5 days ago

Galliford Try construction hit by more Aberdeen bypass losses

Another £26m hit on bypass plunges construction into red in first half
5 days ago

Council terminates Lakehouse school contract

Willmott Dixon takes over site hit by "performance and project delays"
5 days ago

Government infrastructure pipeline needs reality check

Call for Treasury to drop project 'wishlist' for certain Pledged Projects List
5 days ago

Council seeks partner for Birmingham Ladywood Estate

Major regeneration plans at Ladywood and Perry Bar to boost city's housing stock
5 days ago

Willmott Dixon wins £21m Wakefield swimming pool

Work to start next month on Pontefract Park leisure centre
5 days ago

Weston and Tesco plan to turn store site into 1,400 homes

Application set to go in for major mixed-use development in east London
5 days ago

Network Rail unveils major operational shake-up

Devolved operating model moves from eight to 13 routes
6 days ago

Subcontractors wanted across Nottingham

Big name contractors and clients looking to boost supply chains: Register now for Meet the Buyer event
5 days ago

Bidding starts for £18m Helensburgh leisure centre

Argyll and Bute Council hopes to start work on seafront leisure centre and swimming pool this year
6 days ago

Interserve ‘fit for growth’ director exits

Dougie Sutherland merged UK and International construction businesses
6 days ago

Rail minister says HS2 doubts are “complete nonsense”

Government says its commitment to construction of the full route is "undiminished"
6 days ago

Contractor services