US private equity firm made move last October

Lone Star will complete its £647m takeover of retirement housebuilder McCarthy & Stone later this month.

A hearing to rubber-stamp the deal will be heard on 28 January before the firm delists from the Stock Exchange on 2 February.

McCarthy & Stone

McCarthy & Stone will delist from the Stock Exchange at the start of next month

Announcing the proposed takeover in October, Donald Quintin, president of Lone Star Europe, described McCarthy & Stone as a leading developer and manager of retirement communities and said the deal “represents an attractive opportunity in a market underpinned by clear fundamentals: a rapidly ageing population and a structural undersupply of suitable housing options for older people”.

McCarthy & Stone has been hit harder by the pandemic than its mainstream housebuilder rivals, with the firm saying its older customer base had been far more cautious about re-entering the housing market since the initial spring lockdown was lifted.

The firm said revenue for the calendar year will be down 79% at just £197m.