McCarthy & Stone strengthens board with non-exec appointments

03 December 2013

Following McCarthy & Stone’s successful £527 million refinancing in August 2013, Britain’s leading builder of retirement apartments has welcomed two new non-executive directors to its board. Mike Parsons, retiring CEO of Barchester Health, and Frank Nelson, former finance director of Galliford Try plc, will join with immediate effect.

Mike Parsons founded Barchester Healthcare twenty years ago, following a successful career in advertising.  Award-winning Barchester has grown rapidly, based on a premium positioning in the private pay and specialist care homes sector.  The company has grown organically and through the acquisition in 2004 of Westminster Healthcare for £525 million, becoming the fourth biggest independent healthcare provider in the UK.

Frank Nelson was finance director of Galliford Try plc, the FTSE250 housebuilding and construction group, for 25 years before retiring last year. In the last 12 months he was CFO of Lamprell, the Dubai based offshore construction company, where he helped complete a complex refinancing and turnaround before his recent return to the UK."

Chairman, John White, commented: “We are working towards our goal of taking McCarthy & Stone to the next stage of its development.  Joining us at an exciting time, Mike and Frank bring with them extensive and relevant experience and they will significantly strengthen our board.”

In the latest financial year ending 31 August, McCarthy & Stone has seen 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.  The company plans to invest over £1.5 billion in land and developments through to 2018.

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.