McCarthy chairman rules out bid for company

McCarthy & Stone chairman John McCarthy has today (Friday) ruled out a bid for the company.

After taking into account the response of the board to the approach made by the McCarthy family and the current share price, he has confirmed that no offer is forthcoming.

"The housing market is undoubtedly weakening and I expect more difficult times ahead," said McCarthy.

"Given the current share price and unrealistic expectations, driven in part by press speculation, I do not believe it to be sensible to continue to pursue an offer for the company."