McCarthy and Stone workers set to lose construction jobs - 09-05-2008 - 18:01

Construction jobs are set to be lost at construction company McCarthy & Stone as it looks to shed staff in the wake of the credit crunch.

The Telegraph reports about ten per cent of construction jobs, 110 people, are to be lost as part of the cull.

Staff are being made redundant as the company faces up to elderly customers being unable to sell their homes and buy new ones because of the housing crisis.

Howard Phillips, chief executive of McCarthy & Stone, told the newspaper he regretted the construction jobs losses but the company had to take steps to deal with the credit crunch.

"Demand for our retirement properties is as high as ever - in fact the number of enquiring customers exceeds last year's record numbers but frustratingly, some are finding it harder to sell existing houses in a slow market," he explained.

McCarthy & Stone recently had to put the development of a retirement complex in the Scottish Borders on hold after planning permission could not be granted due to flooding fears.

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