McCarthy & Stone, which specialising in building retirement apartments, raised £527m in a refinancing in August 2013. On the back of this, it has named two new non-executive directors. Along with Mr Nelson, Mike Parsons, retiring CEO of Barchester Health is also joining the board.
Frank Nelson was finance director of Galliford Try for 25 years before retiring last year. In the last 12 months he was CFO of Lamprell, the Dubai-based offshore construction company, where he helped complete a refinancing and turnaround before recently returning to the UK.
Mike Parsons founded Barchester Healthcare 20 years ago as a care home business, following a career in advertising.
McCarthy & Stone chairman John White said: “We are working towards our goal of taking McCarthy & Stone to the next stage of its development. Joining us at an exciting time, Mike and Frank bring with them extensive and relevant experience and they will significantly strengthen our board.”
In the latest financial year ending 31 August, McCarthy & Stone has seen a 21% growth in revenue to £310.8m and posted a 15% increase in EBITDA to £46m. The refinancing, which brought on board new shareholders, was announced on 20 August 2013. The company plans to invest more than £1.5bn in land and developments by 2018.
The company is also searching for another new CEO. As previously reported, Mark Elliot, who joined in November 2012, is leaving in February 2014.