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McCarthy & Stone boss says UK must have better plan for elderly care following coronavirus

"We have seen a lower impact of coronavirus in our developments, than the general over 65 population," said chief executive John Tonkiss

McCarthy & Stone PLC -

McCarthy & Stone PLC's (LON:MCS) chief executive John Tonkiss has said lessons must be learned from the coronavirus (COVID-19) crisis about care for the elderly. 

The sheltered housing developer said it had recorded fewer deaths from the virus at its sheltered housing developments than seen elsewhere in the country

“The UK must now learn the lessons from this crisis and redefine how best to support our ageing population," said Tonkiss.

“We need a joined-up and long-term plan, starting with more and better housing for older people.” 

The elderly, especially those living in care homes, have been the group worst affected by the virus, but McCarthy & Stone said it took measures early to combat the impact.

Residents also live independently in its apartments, the group added, with a tailored level of care and support and this has meant homeowners have been safer and better supported than if they had been living alone.

"We have seen a lower impact of coronavirus in our developments, than the general over 65 population, and this proves more than ever that our communities are safe, resilient and supportive places to live," said Tonkiss.

The FTSE 250-listed group confirmed it will commence a phased re-start of both sales and building activity from June 8 following the recent easing of restrictions in England.

McCarthy & Stone added that it has undertaken a full and detailed review of sales and construction processes and developed a new set of working practices given the potential vulnerability of its elderly customers,

It said sales visits will be by appointment only, with stock levels currently being 1,350 finished units - worth £325mln at cost.

Cash available to the company, as of April 30, 2020, was £146mln, while it has a £300mln facility in place with the UK government’s COVID-19 support scheme.

Interim results for the six months ended April 30, 2020, will be announced on July 15, the company added.

Quick facts: McCarthy & Stone PLC

Price: 75.1 GBX

Market: LSE
Market Cap: £403.86 m

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