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07Oct93 UK: MCCARTHY TRADES IN SUBSIDIARY - MANAGEMENT BUY-OUT AT PEVEREL.

McCarthy and Stone is raising £30 million from a management buy-out at Peverel, its retirement homes management subsidiary, and the sale of its portfolio of freehold and leasehold ground rents.The company will use the proceeds to cut its £50 million borrowings and accelerate its building programme.McCarthy and Stone has struggled during the recession, with sales falling from 2,601 in 1988 to around 1,000 last year. It reported losses of £20 million in the year ending ...

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