Churchill Retirement Living plots £500m site expansion drive
Older people’s housing specialist Churchill Retirement Living has launched a three-year £500million land acquisition and development programme
The move came as it announced its 2012/13 results, with turnover up by 12.7 per cent to £61.3million and profit before tax at £12.2 million, an increase from £7.3million in 2011/12.
According to the AJ’s sister title Construction News, Churchill has bought 18 sites over the year, completed nine developments and secured planning permission for 13 more, with another 16 applications currently awaiting a decision.
The company increased its staff numbers from 255 to 306, opened a new office in St Albans and extended its Ringwood head office.
Chairman and group managing director Spencer McCarthy said: ‘2012 was a good year for Churchill Retirement Living, with an increase in the number of land deals signed and planning permissions granted, which has translated into a solid profit.
‘Our robust financial position and the size of our development portfolio mean we are well placed to grow our market share and we are aiming to invest £500m over the course of the next three years in acquiring and developing new sites.’