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Wednesday, October 14, 2015

McCarthy & Stone accounted retirement housing firm plans...

It says the flotation should raise about £70m, which will be used to help fund investment in land and housing.
The company plans to invest £2.5bn over the next four years.

 
McCarthy & Stone accounted for about 70% of specialist retirement housing built in the UK last year, and it says it is in a strong position given the demand for such properties.
Announcing the flotation plans, chairman John White said: "In the UK, approximately 3.5 million people are interested in buying a retirement property, but only 128,000 properties had been built as at April 2014.

"As the industry leader, McCarthy & Stone is in a unique position to address the unprecedented market opportunity we see before us."

Reports have suggested that the flotation will value McCarthy & Stone at about £1bn.
For the year to 31 August, the company reported a 40% rise in underlying pre-tax profit to £88.4m, with revenues up 25% to £485.7m.

McCarthy & Stone has been listed on the London stock market before, but it was taken private in 2006. However, its ownership was restructured in 2009 after the firm fell into trouble during the financial crisis.

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