McCarthy & Stone CEO set to leave following successful refinancing and results improvement

20 November 2013

Britain’s leading builder of retirement apartments, McCarthy & Stone, has announced that CEO Mark Elliott, who oversaw the company’s successful £527 million refinancing, will leave the company at the end of February 2014. 

In the latest financial year ending 31 August, Mr Elliott led the company to a 21 per cent growth in revenue to £310.8 million and posted a 15 per cent increase in EBITDA to £46 million. The refinancing, which successfully brought on board new shareholders, was announced on 20 August 2013.

Chairman, John White, commented: “Mark will be leaving the business well-financed and in a strong position to take advantage of a significant market opportunity in the retirement housing sector. The shareholders and directors thank him for all of his efforts and acknowledge his role in moving the business forward.”

With ambitious plans to invest over £1.5 billion in land and developments through to 2018, the company confirms that the search for a successor will commence shortly.

For more information:
Andrew Baud, Tala, 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 45,000 homes for more than 50,000 residents. The company is renowned for its focus on the needs of people in later life.