Appointment of Chief Operating Officers

7 December 2018

McCarthy & Stone plc

Appointment of Chief Operating Officers

McCarthy & Stone plc ("McCarthy & Stone" or the "Group"), the UK's leading developer and manager of retirement communities, is pleased to announce the appointments to the Board of Nigel Turner and Mike Lloyd as dual Chief Operating Officers. They will oversee the Group's building operations and customer-facing services respectively and help deliver the Group's new strategy, announced on 25 September 2018. They will join the Board on 1 January 2019.

Nigel Turner will join as Chief Operating Officer in charge of the Group's building operations. Nigel was formerly Executive Director at Kier Group plc, an infrastructure, buildings, developments and housing company, where he led the property and development services division and had operational responsibility for a team of more than 7,000 people. Nigel will take forward the Group's activities to drive down build costs and execute the new strategy to achieve more standardised and efficient designs.

Mike Lloyd will join as Chief Operating Officer in charge of the Group's customer-facing services. Mike was formerly Chief Executive Officer of The AA's regulated business and Chief Commercial Officer. At The AA, he led the consumer roadside assistance, business services, insurance broking and financial services P&Ls, as well as marketing and digital. Mike will be responsible for the Group's Management Services operations, as well as sales, marketing and resales, and will lead the drive to leverage the strategic opportunities for the Group. This includes increasing customer appeal by offering a broader choice of tenure options, as well as increased flexibility and affordable offerings.

John Tonkiss, Chief Executive Officer for McCarthy & Stone, commented:

"We are delighted to announce these two senior appointments to the Board. Nigel and Mike's experience will significantly strengthen our management team and ensure we align our new strategy with operational execution and excellence.

"Nigel has exceptional experience in the construction industry. He will lead our build cost reduction workstream and our deployment of more cost-effective building solutions, which is critical to the successful delivery of our new strategy.

"With his extensive knowledge of the services sector, Mike also brings a valuable set of skills to the Board as we seek to leverage the strategic opportunities in this market and deliver our long-term vision of becoming the UK's leading developer, manager and owner of retirement communities.

"On behalf of the Board, I welcome both Nigel and Mike and look forward to working with them."

There is no further information that is required to be disclosed under paragraph 9.6.13R of the Listing Rules of the Financial Conduct Authority.

- Ends -

For more information, please contact:

McCarthy & Stone, 01202 292480

John Tonkiss, Chief Executive Officer

Rowan Baker, Chief Financial Officer

Paul Teverson, Director of Communications

Marina Calero, IR Director

Powerscourt, 020 7250 1446 / [email protected]

Justin Griffiths

Nick Dibden

Notes to Editors

McCarthy & Stone is the UK's leading developer and manager of retirement communities, with a significant market share. The Group buys land and then builds, sells and manages high-quality retirement developments. It has built and sold more than 56,000 properties across more than 1,200 retirement developments since 1977, and is renowned for its focus on the needs of those in later life.

There is growing demand for retirement communities. There are currently 11.8 million people aged 65 or over, rising to 17.3m by 2037, representing a 47% increase1. For those aged 85 or over, the increase will be larger, from 1.6m to 3.0m, representing an 87.5% increase. One in four over 60s are interested in retirement living2, yet only c.162,000 units of specialist retirement housing for homeowners have been built3.

McCarthy & Stone has two main product ranges - Retirement Living and Retirement Living Plus - which provide mainly one and two bedroom apartments across the country with varying levels of support and care for older homeowners. Retirement Living developments provide independence in private apartments designed specifically for the over-60s, as well as facilities such as shared lounges and guest suites that support companionship. Retirement Living Plus developments, which are designed specifically for the over-70s, offer all of this plus more on-site facilities such as restaurants, well-being suites and function rooms. Importantly, they also provide flexible care and support packages to assist those needing additional help. 

All developments built since 2010 are managed by the company's in-house management services team, providing peace of mind that it will look after customers and their properties over the long term. This is a key part of how McCarthy & Stone seeks to enrich its customers' lives. This commitment to quality and customer service continues to be recognised by homeowners. In March 2018, the Group received the full Five Star rating for customer satisfaction from the Home Builders Federation for the thirteenth consecutive year - making it the only UK housebuilder, of any size or type, to achieve this accolade.

The Group was also pleased to win 20 awards at the 2018 NHBC Pride in the Job awards, marking a 33% increase in awards from 2017. The scheme recognises construction site managers who achieve the highest standards in housebuilding and has been instrumental in driving up standards in the sector for 38 years.

For further information, please visit www.mccarthyandstone.co.uk