McCarthy & Stone announces another 200 job losses

McCarthy & Stone, the retirement specialist, is laying off another 200 staff.

In May it announced that 120 jobs were to go and the latest figure takes the total to 320 which represents a quarter of its total workforce of 1,200.

McCarthy has six regional businesses based in Byfleet (Surrey), Coventry, Potters Bar (Herts), York, Glasgow and Bournemouth (its headquarters).

The regional split of the latest round of job losses have not yet been announced as consultations with employees are still in progress – letters only went out on Friday.

Some new-build projects programmed for the coming year will be delayed although most of those already under construction will remain on schedule.

Howard Phillips, chief executive, said: “There is no escaping the Bank of England’s predictions for the coming year. We need to take these painful measures now to ensure the company remains in sufficiently good shape to resume its expansion programme as soon as the economy allows. 

“We are doing all we can to help stimulate the market, including generous part-exchange offers which eliminate the customer’s concerns about selling their old house, but there is still an underlying lack of confidence among homebuyers.

“It is a bitter blow not only to the loyal staff we are losing but for those elderly people who were looking forward to an early move to a new retirement apartment in areas where we have had to postpone developments.

“Ironically, interest in our retirement properties is as high as ever but buyers are holding off while the uncertainties in the market remain.”