MCS.L Share News (MCS)

(Sharecast News) - McCarthy & Stone said its sales offices and construction sites would start to reopen from the Covid-19 lockdown on 8 June and that fewer of its residents had died than in the wider older population.
The retirement home builder said sales offices would reopen with an appointments system to ensure social distancing. McCarthy & Stone said opening the offices was its first objective with 1,350 units ready to sell.

Building will resume gradually, starting with sites closest to completion. They will have longer working hours and safe site working practices.

McCarthy & Stone said its actions from mid-March helped protect residents of its retirement homes and that Covid-19 deaths at its properties were lower than for the wider over-65s population. It did not publish details. The company's residents live in their own flats with help and support.

The FTSE 250 company said it had arranged a £300m facility with the Bank of England for the central bank to buy McCarthy & Stone's short-term debt if required. At 30 April its available cash balance was £146m after drawing down £200m of its credit facility.

John Tonkiss, McCarthy & Stone's chief executive, said: ""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.

"The UK must now learn the lessons from this crisis and redefine how best to support our ageing population. We need a joined-up and long-term plan, starting with more and better housing for older people."

The government has come under intense pressure over the number of Covid-19 deaths in care homes. The Labour opposition has accused the government of discharging untested patients to care homes to free hospital beds and failing to provide enough protective equipment to limit the spread of infection to vulnerable residents.