McCarthy Stone will axe up to 10 of its staff in a dramatic turnaround in strategy caused by the downturn in the retirement homes market. The ￡458m-turnover retirement housing specialist was as recently as January this year embarking on its biggest expansion drive since the eighties in the belief that it would be immune to the turmoil in the mortgage market. However, the firm, which is owned by HBOS and West Coast Capital, is now set to axe up to 120 staff and dramatically scale back its regional operations in a company restructure. It is also delaying work on new sites programmed for "the next few months", a similar move to that announced by Persimmon Homes last month.
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