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McCarthy's founder is secret bidder
08:54 25 Jun 2003
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The mystery bidder behind the approach to McCarthy & Stone, the
specialist builder of retirement homes, has turned out to be John
McCarthy, the company's founder, and his two sons, Clinton and
Spencer, who have built up a smaller rival business called
Churchill Retirement Living.
McCarthy, who still owns 13% of the group's shares, is working up an offer that could value the group at £650m. William Stone, the other founder and now a sleeping partner, holds a further 4%.
Having drawn attention to the business, the family could still find themselves facing competition from a trade buyer.
The company's last annual turnover of £190m produced a pre-tax profit of £75m.
If the McCarthy bid succeeds and the sons take the active role in management they are seeking, it would leave little room for current chief executive Keith Lovelock, or finance director Matthew Thorne.
McCarthy, who still owns 13% of the group's shares, is working up an offer that could value the group at £650m. William Stone, the other founder and now a sleeping partner, holds a further 4%.
Having drawn attention to the business, the family could still find themselves facing competition from a trade buyer.
The company's last annual turnover of £190m produced a pre-tax profit of £75m.
If the McCarthy bid succeeds and the sons take the active role in management they are seeking, it would leave little room for current chief executive Keith Lovelock, or finance director Matthew Thorne.
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