Grey spenders hunting for retirement homes in a recovering housing market have helped to double profits at specialist builder McCarthy & Stone, the firm said today.
The company — gearing up for an expected float after bringing in former Persimmon boss John White as chairman and Barratt Development director Clive Fenton as chief executive — wants to capitalise on the ballooning of the over-65 population from 10.4 million to 17 million by 2033. McCarthy sold 659 homes in the six months to February 28 and buyers spent an average £205,000 — up 17%. Revenues rose 49% to £149.7 million.
White said: “The business is benefiting from a growing demand for retirement housing.”
McCarthy was taken private in 2006 by Sir Tom Hunter and the Reuben brothers for £1.1 billion.
