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McCarthy & Stone Says Build Activities Will Restart Gradually

McCarthy & Stone plc (MCS.L), a developer and manager of retirement communities, said that build activities will restart gradually, commencing with the reopening of sites that are closest to completion.

The Group said it has seen fewer cases of Covid-19 within its 441 retirement communities, than has been seen within the general over 65s UK population.

Following the easing of some restrictions by the Government, the Group has taken a gradual and measured approach to re-mobilisation of both sales and build, which are scheduled to commence in phases from 8 June.

The Group said its initial focus is on restarting sales activities on its already completed developments, as the Group currently has 1,350 units of available finished stock. Its sales offices have been reconfigured to ensure that strict social distancing measures are adhered to using an appointment-based visiting system.

The company announced that it has secured access to the HM Treasury and Bank of England Covid Corporate Financing Facility and has put in place a 300 million pounds commercial paper programme under this scheme. The facility will be used to provide additional liquidity should it be required.

The Group will announce its six months ended 30 April 2020 results on 15 July.

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