McCarthy & Stone offers 300 apartments to support care providers

John Tonkiss, McCarthy & Stone chief executive

McCarthy & Stone has offered 300 newly completed apartments to help government and local authority care providers to address the shortage of beds during the coronavirus outbreak.

The apartments, which are in unoccupied developments, can be used to house older people who are coming out of hospital or provide beds for NHS workers.

In light of the government’s stay at home requirement, the retirement community developer has also outlined cash saving measures.

Some of these include pausing all build activity across its development programme and no further land spend.

All marketing activity has also been paused and all members of the board and wider leadership team are taking a voluntary 20% reduction in basic salary from 1 April until further notice.

McCarthy & Stone employees impacted by coronavirus developments will either be redeployed to support homeowners or will qualify for assistance under the government Job Retention Scheme.

The steps taken will result in a saving of £230m.

‘As set out on 18 March, we are mindful of the significant impact of Covid-19 on trading in the coming months, so as a board we feel it is imperative to take the right steps as soon as is practicable to ensure the long-term strength of the business,’ said John Tonkiss, chief executive officer of McCarthy & Stone.

‘We have a strong balance sheet and are now focusing on conserving cash while balancing the long-terms needs of the business, ensuring that we are able to continue to address the chronic under-supply of suitable housing for older people.’