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An Open Letter To John White CEO Mcarthy & Stone
Dear Mr White,
Peverel Action offers their congratulations on your appointment as CEO, Mcarthy & Stone. We wish you well for the future.
You do have a proven record in the housebuilding industry.
More than anyone, we feel sure you will appreciate the problems that beset Mcarthy & Stone and the causes of them.
To be able to live in peace in a retirement development is the wish of many, as you have correctly identified. In far too many cases this sadly has not been the case. Many residents have felt their faith in retirement living has been abused by catastrphic falling values, poor and expensive service provided by the appointed managing agents, overcharges for insurance, lack of accountability and exit fees.
These issues need to be resolved. Now that you are in charge and Mcarthy & Stone is far better financially resourced, you have it within your gift to address the issues that have brought such discredit to the retirement home sector.
Bold measures are needed for a viable future.
Peverel Action believe that it would be in everyone long term interest if all Mcarthy & Stone new build developments should be sold on a common hold basis and not leasehold.
With the agreement of leaseholders, existing Mcarthy & Stone developments should convert to common hold.
Resident Associations should be encouraged and have the ability to influence the appointment of managing agents.
Service charge accounts should be development specific (not super accounts)
Local traders to be used where possible, rather than one large company covering a multitude of developments.
No use of connected companies.
Resident Associations should be allowed to arrange development insurance.
Area Managers to visit developments at least once a month.
Peverel Action notes that Mcarthy & Stone no longer appoint Peverel to manage new builds. It has been suggested that for older developments, Mcarthy & Stone are bound by contract to use Peverel. In light of the admission to the OFT that Peverel Group companies, were engaged in price fixing, we feel such an admission would be sufficient to for Mcarthy & Stone to terminate those contracts.
We at Peverel Action see many benefits for those that wish to live in a retirement development. Run properly, residents really can have a very good lifestyle. For your part, you can make a very good profit.
We do not want "something for nothing" We simply want fairness for all. If this is your aim, we will be happy to work with you to achieve this.