McCarthy & Stone to cut 100 jobs

Retirement home builder McCarthy & Stone is gearing up to cut 100 jobs from its 1,170-strong workforce, in response to toughening market conditions.

The job losses are expected to come across all of the company's regional offices.

The firm, which reported a slight dip in profits this year, still makes an industry-leading 45% margin.

It is expected to bring together its northern operating regions, while the South West and Midlands offices will share the western region.

Meanwhile, the Assisted Living division - provider of Extra Care schemes for the frail elderly - will be devolved to the regions.

Chief executive of McCarthy & Stone Howard Phillips said: "Even a well-placed company like ours is not immune from current economic pressures.

Operations director Mike Jennings added: "Each of McCarthy & Stone's nine operating regions is an individual business and will be assessed by its own trading conditions and geographical coverage.

"Some will be affected more than others. Overall, across the group nationally, we anticipate losing less than 10% of the total staff."