Latest announcement at retirement homes specialist brings job loses this year to a quarter of workforce

Retirement housebuilder McCarthy & Stone has cut 200 more jobs as a result of the credit crunch.

The news follows an announcement in May that it would cut 120 jobs and means it has now lost over a quarter of it鈥檚 1,200 workforce this year.

The jobs will go across all departments at its offices in Byfleet, Coventry, Potters Bar, York, Glasgow and Bournemouth.

We need to take these painful measures now to ensure the company remains in sufficiently good shape

Howard Phillips, McCarthy & Stone chief executive

Chief executive Howard Phillips said: 鈥淭here is no escaping the Bank of England鈥檚 predictions for the coming year. We need to take these painful measures now to ensure the company remains in sufficiently good shape to resume its expansion programme as soon as the economy allows.

鈥淚t is a bitter blow not only to the loyal staff we are losing but for those elderly people who were looking forward to an early move to a new retirement apartment in areas where we have had to postpone developments.鈥�

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