2nd Jun 2020 08:30
(Alliance News) - McCarthy & Stone PLC on Tuesday said it plans to reopen sales offices and resume construction site activity from Monday next week.
The retirement homes developer said that following a review of sales and construction processes, it intends to restart sales activities on its already completed developments which comprise around 1,350 units, worth around GBP325 million.
Build activities will restart gradually starting with the reopening of sites that are closest to completion, McCarthy & Stone said, adding that it has implemented operating procedures to enable safe working practices and social distancing measures among staff.
"We have seen a lower impact of coronavirus in our developments, than the general over 65 population, and this proves more than ever that our communities are safe, resilient and supportive places to live. The UK must now learn the lessons from this crisis and redefine how best to support our ageing population. We need a joined-up and long-term plan, starting with more and better housing for older people," said Chief Executive John Tonkiss.
As at April 30, the company had cash of around GBP146 million. McCarthy & Stone has also secured GBP300 million through the UK government's Covid corporate loan scheme.
The company is scheduled to release its results for the six months ended April 30 on July 15.
Shares in McCarthy & Stone were up 3.5% at 74.24 pence each in London on Tuesday morning.
By Ife Taiwo; [email protected]
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