McCarthy Stone boss to stand down after 12 years at retirement house builder

The boss of McCarthy Stone is standing down after nearly 12 years at the housebuilder including seven in the top job, the Mail can reveal.

Chief executive John Tonkiss will leave the retirement housing specialist at the end of November having joined in February 2014 before taking the helm in September 2018.

The 57-year-old will be replaced by former Redrow boss Matthew Pratt, who takes over on January 1.

Mr Tonkiss said: ‘I am immensely proud of what we have achieved in my 12 years with McCarthy Stone. We have always been driven by our values and purpose to offer people independence, support and community in later life. 

‘Now is the right time to pass the baton onto Matthew. He has the track record and experience to deliver on McCarthy Stone’s potential and take it to the next level.’

Standing down: Building boss John Tonkiss

As well as navigating the business through the Covid-19 pandemic, Mr Tonkiss oversaw its £650m sale to US private equity group Lone Star in 2020.

Mr Pratt joined Redrow in 2003 and became chief executive in 2020. He last year oversaw the £2.5billion merger of Redrow with Barratt Developments to create Barratt Redrow, Britain’s largest housebuilder.

‘I’m delighted to be joining McCarthy Stone at such a pivotal time for the industry,’ he said.

The shake-up comes after Mr Tonkiss called for the return of the bungalow to allow older homeowners to downsize.

He said many retirees are stuck in larger family homes even after their children have left as they have nowhere suitable to move to.

This, he argues, clogs up the housing market and leaves younger and growing families struggling to find somewhere big enough to live.

Writing on the Daily Mail website, Mr Tonkiss placed the revival of bungalows at the heart of his solution to ‘unlock’ the UK’s stagnant housing market.

‘Couples rattling around in family-sized houses remain where they are,’ said Mr Tonkiss, whose firm specialises in housing for the elderly including bungalows.

‘The four-bed property they no longer need is unavailable to the young family that’s desperate for more space.

‘The starter home that family might vacate never reaches the first-time buyer. Chains stall; the market seizes up.’

Former Redrow boss Matthew Pratt will take over at McCarthy Stone in January

More than 1.2m over-55s have abandoned plans to move in the past two years with a third saying the lack of suitable properties has put them off entirely, according to a report by the HomeOwners Alliance.

The advisory firm Savills has found over-60s own £2.9 trillion worth of housing wealth that is frequently ‘locked up’ in a broken ladder with pensioners having nowhere to move.

Mr Tonkiss said bungalows ‘are exactly what millions of people say they want’, adding: ‘Single-storey living is easier to maintain, safer, and helps people remain independent for longer.’

Bungalows made up 11pc of new builds in 1990 but just 1pc last year, according to the National House Building Council (NHBC).

This figure has not topped 2pc since 2010 despite the huge unmet demand.

The NHBC reported five million older people want to move to this type of housing, and nine million pensioners want more built.

Paula Higgins, chief executive of the HomeOwners Alliance, said: ‘Our research shows that too many older homeowners feel stuck in homes that no longer work for them but struggle to find an appropriate alternative

‘With the UK’s rapidly aging population, we hope the government’s long-promised housing strategy looks at a better range of retirement housing including single-storey solutions.’

McCarthy Stone chairman Paul Lester said: ‘After 12 years at McCarthy Stone, we say farewell and a huge thanks to John for his contribution to the business and for taking it to where it is today. As chief executive, John successfully transitioned McCarthy Stone from a public to private company, and navigated the business through Covid-19 and the challenging external environment that followed. He leaves the company on a sure footing.’