McCarthy & Stone chief executive Mark Elliott is to leave the company in the new year.
Elliot will depart the retirement home developer at the end of February, having overseen the company’s successful £527m refinancing announced in August, which brought on new shareholders.
McCarthy & Stone said that in the latest financial year to the end of August, Elliott led the company to a 21% growth in revenue to £310.8m and posted a 15% increase in EBITDA to £46m.
Chairman John White said: “Mark will be leaving the business well-financed and in a strong position to take advantage of a significant market opportunity in the retirement apartments sector.
“The shareholders and directors thank him for all of his efforts and acknowledge his role in moving the business forward.”
The firm will commence a search for a successor shortly ahead of plans to invest over £1.5bn in land and developments through to 2018.
McCarthy & Stone chief executive Mark Elliott is to leave the company in the new year. Elliot will depart the retirement home developer at the end of February, having overseen the company’s successful £527m refinancing announced in August, which brought on new shareholders. McCarthy & Stone said that in the latest financial year to the end of August, Elliott led the company to a 21% growth in revenue to £310.8m and posted a 15% increase in EBITDA to £46m. Chairman John White said: “Mark will be leaving the business well-financed and in a strong position to take advantage of a significant market opportunity in the retirement apartments sector. “The shareholders and directors thank him for all of his efforts and acknowledge his role in moving the business forward.” The firm will commence a search for a successor shortly ahead of plans to invest over £1.5bn in land and developments through to 2018.
bridget.oconnell@estatesgazette.com
