McCarthy & Stone appoints new Chief Executive Officer

26 October 2012

McCarthy & Stone CEO Mark Elliott

Following yesterday’s announcement which confirmed strong revenue growth for the year ended 31 August 2012, McCarthy and Stone revealed today that Mark Elliott will join the company as Chief Executive Officer, with effect from 1st November.

At Arena Leisure plc, the UK’s largest operator of horse racing and hotel venues, Mark oversaw the redevelopment of Doncaster racecourse, the development of Lingfield Park and the creation of a catering business that went on to win contracts at two Olympic 2012 venues, as well as negotiating contracts to double the company’s income from its media rights. Mark merged Arena Leisure into Northern Racing in March of this year, creating the UK’s largest racecourse group.

Prior to Arena Leisure, Mark spent fifteen years at Wembley plc, latterly as CEO, where he was instrumental in disposing of Wembley Stadium and reinventing the company as an international track-based gaming business in the UK and the US.

Commenting on the appointment, Chairman Alan Bowkett said: "We're delighted to have Mark joining us. He was the stand-out candidate we interviewed from a long quality list and the company will benefit from the customer focus he brings as a successful Chief Executive Officer of multi-site consumer businesses."

Mark Elliott added: “I am delighted to be joining McCarthy & Stone as it enters a period of rapid growth. The company is investing in excess of £1.5bn over a five year period in land acquisition and construction and is attracting considerable secondary market interest from investors who are keen to participate in the opportunities this expansion creates.”

For more information:
Andrew Baud, andrew.baud@talapr.co.uk, 020 3397 3383 or 07775 715775

Notes to Editors

McCarthy & Stone is Britain’s leading builder of retirement apartments, responsible for the construction of more than 40,000 homes for more than 45,000 residents.  The company is renowned for its focus on the needs of people in later life.

In the year to 31 August 2012, McCarthy and Stone generated 1,370 sales, delivering 12% growth in revenue to £257.7m and 10% growth in EBITDA to a five year high of £39.9m, in spite of the continuing difficult housing market.  Trading cash flow before reinvestment in land acquisition and construction grew to £196m.