Three directors have resigned from retirement home specialist following £1.1bn takeover by Mother Bidco last month

Three directors have resigned from the board of retirement home specialist McCarthy & Stone following its takeover by an HBOS-led consortium last month for £1.1bn.

At a board meeting yesterday non-executive directors Simon Purser, Jamie Stevenson and Rt. Hon. Sir George Young resigned with immediate effect.

They were replaced by Ian Guthrie, Stephane Nahum, Paul Davidson and Geoffrey Ball who represent the consortium which bought McCarthy & Stone.

Last month, the HBOS-led consortium, known as Mother Bidco, succeeded in its bid for McCarthy & Stone following a three month battle which included a group of investors led by Permira and Barclays.