McCarthy & Stone offers 300 newly-completed apartments to NHS workers and local authority care providers assisting with the coronavirus outbreak
The apartments, which are in unoccupied developments, are also being used to house older people who are coming out of hospital.
In light of the government’s stay-at-home instruction, the nation’s largest retirement housebuilder has also outlined cash-saving measures.
It is pausing all construction across its development sites and halted land purchases.
All sales and marketing activity has been suspended and company board members and other employees asked to take a 20 per cent reduction in basic salary.
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, McCarthy & Stone’s chief executive.
“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.”
For further information visit www.mccarthyandstone.co.uk
