Residential

McCarthy & Stone seeks to rebuild as share price slides

By 2018-09-13T15:18:00

PW40_Retirement hom_McCarthy-copy

Upcoming ‘strategy update’ likely to focus on expanding range of tenure options and cutting costs

The retirement living market appears to be flourishing. 

In the past couple of years, it has attracted major new investors such as Legal & General and AXA Investment Management, as well as new operators and developers including US-based One Eighty and Bridges-backed Birchgrove.

And yet, McCarthy & Stone – by far the UK’s biggest retirement housing developer – is struggling. Last week, the company was demoted from the FTSE 250 following a slide in its share price, which has almost halved since its return to the stock market at the end of 2015. McCarthy & Stone’s fortunes turned after the Brexit vote and the shares took a further knock this June after the company issued a profit warning and announced the departure of chief executive Clive Fenton.

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