McCarthy & Stone chief Mark Elliott to step down after a year

 
Kasmira Jefford
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RETIREMENT house builder McCarthy & Stone is on the hunt for a new chief executive after Mark Elliott announced yesterday he will be leaving the company next February.

Elliott will step down just one year after joining the company from Arena Leisure the operator of Royal Windsor and Lingfield Park racecourses, where he was chief executive for seven years.

During the past year he has steered McCarthy & Stone through a £527m refinancing that saw 24 investors inject £367m into the firm and helped cut its debt-pile.

A core group of these investors comprising of Goldman Sachs, Anchorage, TPG and Alchemy Partners now own over 50 per cent of the business.

A source familiar with the firm said that with the refinancing completed and new investors brought on board the time was right for Elliott to move into a new position.

His successor will be tasked with leading plans in place to invest more than £1.5bn in land and developments until 2018.

Chairman, John White, said: “Mark will be leaving the business well-financed and in a strong position to take advantage of a significant market opportunity in the retirement housing sector.

“The shareholders and directors thank him for all of his efforts and acknowledge his role in moving the business forward.”