McCarthy_&_Stone

McCarthy Stone

McCarthy Stone

UK retirement community developer and manager

McCarthy & Stone Limited, trading as McCarthy Stone, is a developer and manager of retirement communities in the United Kingdom. It was acquired by Lone Star Funds in 2021.

Quick Facts Trade name, Formerly ...

History

John McCarthy and Bill Stone became partners in 1961, and in 1977 they built their first retirement housing development in Hampshire. Subsequently they ceased other building work to concentrate on developing specialist housing for elderly people.[3] By 1982, when the company was floated on the Unlisted Securities Market, the company had completed 15 retirement housing developments and was selling around 200 units a year.[4] Growth was rapid after the flotation, and by 1984 the company operated on a national basis with annual sales approaching 1,000 units. The business was exceptionally profitable due to a rapidly ageing population.[3] Annual sales reached 2,601 units in 1988.[3]

The company was de-listed from the London Stock Exchange in 2006 following a successful takeover bid of over £1 billion from a consortium including David and Simon Reuben and Sir Tom Hunter.[5] The company was refinanced in 2013 under new ownership,[6] and re-listed on the London Stock Exchange in 2015.[7]

In 2020, the directors accepted a takeover bid from American private equity investment firm Lone Star Funds.[8] Shareholders approved the takeover offer worth £647m.[9][10]

In 2021, the company announced a new investment partnership with Macquarie and John Laing to finance its new rental portfolio.[11]

The company is the only UK developer, of any size or type, to win the full five-star rating in the Home Builders Federation's customer satisfaction awards every year the survey has been run.[12]

Services

The company's development in Poole, Dorset
The company's head office, Bournemouth

The company's in-house Services teams operate its Retirement Living and Retirement Living PLUS (Extra Care) schemes built since 2010.[13] In its Retirement Living PLUS schemes, services include the provision of CQC-regulated care and support. It is also the largest provider of new Extra Care developments in the UK.[14]

It remains as the landlord and managing agent on all developments opened since 2010, and hence is legally responsible for the operation of these schemes.[15]

As of 2018, the company provides a choice of tenure including rental and affordable and private shared ownership, an expanded care offering and more products.[16]

Awards

More information Year, Award ...

Charity initiatives

In 2017, the company raised over £250,000 for the Royal Voluntary Service.[26] The company's charity partner for 2019 was Beanstalk, a national learning and literacy charity for young children.[27] The company has also supported several smaller charities.[28]

In 2020, it established the McCarthy Stone Charitable Foundation, which raised £230,000 in its first year. [29]

References

  1. [1]
    "McCarthy & Stone Limited overview - Find and update company information - GOV.UK". Companies House. 17 June 2008. Retrieved 23 February 2024.
  2. [2]
    "Annual Report and Accounts 2019" (PDF). McCarthy Stone. Retrieved 3 March 2020.
  3. [3]
    Wellings, Fred: Dictionary of British Housebuilders (2006) Troubador. ISBN 978-0-9552965-0-5
  4. [4]
    Company Prospectus (1982)
  5. [5]
    "McCarthy's demographic push". Shares Magazine. 10 March 2016.
  6. [6]
    "New McCarthy & Stone boss wields the axe". Construction Index. 6 March 2014. Retrieved 10 February 2016.
  7. [7]
    "McCarthy & Stone prices IPO at 180p per share". Digital Look. 6 November 2015. Retrieved 10 February 2016.
  8. [8]
    "McCarthy & Stone board backs US private equity takeover". The Construction Index. 23 October 2020. Retrieved 23 October 2020.
  9. [9]
    "McCarthy & Stone shareholders vote in favour of £647m takeover deal". Evening Standard. 8 December 2020. Retrieved 8 December 2020.
  10. [10]
    Gardiner, Joey (29 January 2021). "Lone Star takeover of McCarthy & Stone to complete today". Housing Today. Retrieved 26 March 2021.
  11. [11]
    MarketScreener. "John Laing : Macquarie Group Limited - McCarthy Stone's UK retirement living rental portfolio secures finance from John Laing and Macquarie Capital | MarketScreener". www.marketscreener.com. Retrieved 4 January 2022.
  12. [12]
    "McCarthy & Stone Sheffield team award winners again for 14th consecutive year". www.thestar.co.uk. Retrieved 17 March 2022.
  13. [13]
    Pamben, Deven (31 July 2019). "McCarthy & Stone to deliver care services directly". LaingBuisson News. Retrieved 4 January 2022.
  14. [14]
    Peart, Lee (31 July 2019). "McCarthy & Stone parts ways with Somerset Care and launches own extra care services". Care Home Professional. Retrieved 4 January 2022.
  15. [15]
    "McCarthy Stone Great Place to Work UK | The global authority on workplace culture". www.greatplacetowork.co.uk. Retrieved 17 March 2022.
  16. [16]
    "Modular Construction and the Specialist Housing Sector". www.housinglin.org.uk. 2 May 2019. Retrieved 4 January 2022.
  17. [17]
    "UK's Best Workplaces for Wellbeing 2022". www.greatplacetowork.co.uk. Retrieved 17 March 2022.
  18. [18]
    "Record-breaking award for customer satisfaction". Retiremove. 30 March 2021. Retrieved 17 March 2022.
  19. [19]
    ncompass. "LaingBuisson Awards 2020 Book of the Night". LaingBuisson Awards. Retrieved 4 January 2022.
  20. [20]
    "Regional and National Results". Housing Awards. Retrieved 18 December 2019.
  21. [21]
    "Archive 2019 | NHBC". www.nhbc.co.uk. Retrieved 18 December 2019.
  22. [22]
    "CSS Star rating results". www.hbf.co.uk. Retrieved 18 December 2019.
  23. [23]
    "Housebuilder Awards 2018". www.house-builder.co.uk. Retrieved 18 December 2019.
  24. [24]
    "2018 Winners & Finalists – ARMAAwards". awards.arma.org.uk. Retrieved 18 December 2019.
  25. [25]
    "Award-Archive-2018 | NHBC". www.nhbc.co.uk. Retrieved 18 December 2019.
  26. [26]
    "McCarthy & Stone raises more than £250,000 for RVS". PHPD Online. 9 April 2018. Retrieved 18 December 2019.
  27. [27]
    "McCarthy & Stone 2019 charity partnership". Coram Beanstalk. Retrieved 18 December 2019.
  28. [28]
    "McCarthy and Stone seeks local charity to support". Hereford Times. Retrieved 18 December 2019.
  29. [29]
    "Read our 2021 Impact Report". McCarthy Stone Foundation. 16 December 2021. Retrieved 17 March 2022.
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