As reported the McCarthy & Stone accounts were expected to be bad, but in reality they have been catastrophic.
Yes of course the coronavirus pandemic has had a major impact but McCarthy & Stone had encountered many other structural problems well before th pandemic struck.
So comparing like with like for the 6 month trading position half year turnover declined by 64%, falling from £280m to £101m.
A £3.6m profit has turned into a £91.3m loss.
Nigel Turner the McCarthy & Stone joint Chief Operating Officer, has left the company with immediate effect.
Worryingly for McCarthy & Stone investors no future guidance notes have been issued due to the uncertainty of future trading conditions beyond a statement that the full impact of the virus on the Mccarthy & Stone balance sheet will not be felt until later in the year.
McCarthy & Stone have taken advantage of a coronavirus loan of £300m which will have to be paid back next year.
The company has gone bankrupt before, it can go bankrupt again.
