Retirement homes builder McCarthy & Stone offers flats to government

PA

Retirement housebuilder McCarthy & Stone on Wednesday said it has offered the Government 300 apartments to use as the coronavirus crisis intensifies.

The builder said the new-build homes in unoccupied developments could be used to house older people as they recover from Covid-19 or NHS key workers.

It also outlined a series of measures to save the business £230 million, including management taking a pay cut.

All members of the board and wider leadership team are taking a voluntary 20% reduction in basic salary from April until further notice. That includes chief executive John Tonkiss.

McCarthy & Stone will also freeze land buying and pause marketing. Building is being halted with the exception of sites which are close to completion.

Tonkiss said: “We have a strong balance sheet and are now focusing on conserving cash while balancing the long-terms needs of the business, ensuring that we are able to continue to address the chronic under-supply of suitable housing for older people."

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