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RNS Number : 9689V
McCarthy & Stone PLC
09 November 2017
Press release, 9 November 2017
McCarthy & Stone PLC
Appointment of Paul Lester as Non-Executive Director and
Chairman designate
The Board of McCarthy & Stone PLC (the 'Company') is pleased
to announce the appointment of Paul Lester CBE as a Non-Executive
Director and Chairman designate. He will join the Board on 3
January 2018 and will succeed John White as Chairman, who has
advised the Board of his intention to retire following the
Company's Annual General Meeting on 25 January 2018. John has been
Chairman of the Company since September 2013.
Paul is currently Chairman of Essentra PLC and Forterra PLC and
was formerly a director of Invensys PLC. Previously, he was Group
Managing Director of Balfour Beatty PLC before becoming Chief
Executive of support services company VT Group PLC in 2002. Paul
was also Chairman of John Laing Infrastructure Fund until September
this year.
Commenting on the appointment, John White, Chairman, said:
"We are very pleased that Paul will be joining the McCarthy
& Stone Board and succeeding me as Chairman. McCarthy &
Stone is a great business and I am proud to have served on the
Board during a transformational period for the Company, culminating
in its successful IPO in 2015. While market uncertainty following
recent political events has acted as a stern test for our business
model, I am pleased that our high-quality product and excellent
team led by Clive Fenton have proved McCarthy & Stone's
resilience. The Company remains uniquely-placed to capitalise on
the substantial growth opportunity in retirement housing, driven by
a rapidly ageing population in the UK, and the team can look to the
future with confidence. I am pleased to be handing over to someone
of Paul's standing and experience and I am certain that he will
make a major contribution to McCarthy & Stone."
Commenting on his appointment, Paul Lester said:
"I am delighted to be joining the Board of the UK's leading
retirement homebuilder. This is a very exciting time for McCarthy
& Stone and I look forward to supporting Clive Fenton and his
team in developing the Company's strategy and performance still
further."
Clive Fenton, Chief Executive Officer added: "I would like to
thank John for his immense contribution to McCarthy & Stone's
success during his tenure. John played an integral role in
overseeing the Company's restructuring and its return to the public
market and leaves with the business in a very strong position, both
operationally and financially. I am also delighted that Paul has
agreed to Chair our Board through our next phase of growth and look
forward to working with him."
The Board considers that there is no conflict of interest
arising from Paul Lester's current position as Chairman of Forterra
PLC due to the fact that direct business between Forterra and
McCarthy & Stone is of a de minimis nature. The Board will
adopt appropriate procedures to deal with any conflict which may
arise. There are no other items requiring disclosure under
paragraph 9.6.13 of the Listing Rules.
McCarthy & Stone will announce its full year results for the
period ending 31 August 2017 on 14 November 2017.
- Ends -
For more information, please contact:
McCarthy & Stone, 01202 292480
Clive Fenton, Chief Executive Officer
Rowan Baker, Chief Financial Officer
Paul Teverson, Director of Communications
Powerscourt, 020 7250 1446 /
mccarthy-stone@powerscourt-group.com
Justin Griffiths / Nick Dibden
Notes to Editors
About McCarthy & Stone
McCarthy & Stone is the UK's leading retirement housebuilder
with a c.70% share of the owner-occupied market. The Group has sold
over 54,000 properties across c.1,200 retirement developments since
1977 and is renowned for its focus on the needs of those in later
life. It re-joined the Main Market of the London Stock Exchange in
November 2015 and re-entered the FTSE 250 following its quarterly
review on 21 March 2016.
There is a growing need for retirement housing. There are
currently 12 million people aged 65 or over, rising to 18.2m by
2037, representing a 52% increase. For those aged 85 or over, the
increase will be larger, from 1.6m to 3.7m, representing a 131%
increase. According to research by Demos, one in four over 60s are
interested in retirement living, yet only c.157,000 units of
specialist retirement housing for homeowners have been built.
The Group has two established product ranges - Retirement Living
and Retirement Living Plus (formerly known as Assisted Living) -
which provide mainly one and two bedroom apartments across the
country with varying levels of support and care for older
homeowners. In late 2014, McCarthy & Stone launched its
Lifestyle Living (formerly Ortus Homes) product, which is
exclusively for the over 55s and those in the earlier stages of
retirement who are seeking to downsize for their leisure years.
The first Lifestyle Living development at Scarlet Oak in
Solihull won the Best Retirement Scheme at the annual Housebuilder
Awards in November 2015. At the same awards in November 2016, we
were pleased to again receive Best Retirement Scheme for Ramsay
Grange and Lyle Court, our combined Retirement Living Plus and
Lifestyle Living development in Barnton, Edinburgh, as well as Best
Customer Satisfaction Initiative for our approach to ensuring that
we deliver a Five Star service for our homeowners.
The Group was also pleased to win 15 awards at the 2017 NHBC
Pride in the Job awards and seven Seals of Excellence, marking a
50% increase in awards from 2016. The scheme is dedicated to
recognising construction site managers who achieve the highest
standards in housebuilding and has been instrumental in driving up
standards in the sector for 37 years.
McCarthy & Stone's commitment to quality and customer
service continues to be recognised by homeowners. In March 2017,
the Group received the full Five Star rating for customer
satisfaction from the Home Builders Federation for the twelfth
consecutive year - making it the only UK housebuilder, of any size
or type, to achieve this accolade.
All developments built since 2010 are managed by the company's
in-house management services team, providing peace of mind that it
will look after customers and their properties over the long term.
This is a key part of how McCarthy & Stone seeks to enrich its
customers' lives. McCarthy & Stone Management Services (MSMS)
provides management services in Retirement Living and Lifestyle
Living developments. YourLife Management Services (YLMS), which is
owned 50/50 by MSMS and Somerset Care Group, a leading
not-for-profit care provider, provides management services,
domestic assistance, catering, personal care and additional support
in Retirement Living Plus developments, and each development is run
by an Estate Manager and a team of staff delivering services 24
hours a day, 365 days a year.
www.mccarthyandstonegroup.co.uk
Forward-looking statements
Some of the information in this document may contain
forward-looking statements regarding McCarthy & Stone plc and
its subsidiaries (the Group). You may be able to identify
forward-looking statements by terms such as "expect", "believe",
"anticipate", "estimate", "intend", "will", "could", "may" or
"might", the negative of such terms or other similar expressions or
by discussions of strategy, plans, objectives, goals, future events
or intentions. These forward-looking statements include all matters
that are not historical facts. McCarthy & Stone plc (the
Company) wishes to caution you that actual events or results may
differ materially from those anticipated. The forward-looking
statements reflect knowledge and information available at the date
of preparation of this document and the Company undertakes no
obligation to update these statements to reflect events and
circumstances occurring after the date hereof or to reflect the
occurrence of unanticipated events. Many factors could cause the
actual results to differ materially from those contained in
forward-looking statements of the Group, including among others,
general economic conditions, the competitive environment as well as
many other risks specifically related to the Group and its
operations. Past performance of the Group cannot be relied on as a
guide to future performance. Nothing in this document should be
construed as a profit forecast.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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