Mark Elliott will join the company as chief executive officer from the start of next month.

At horse racing and hotel venues operator Arena Leisure, Elliott oversaw the redevelopment of Doncaster racecourse, the development of Lingfield Park and the creation of a catering business that went on to win contracts at two Olympic 2012 venues.

He also merged Arena Leisure into Northern Racing in March of this year, creating the UK’s largest racecourse group.

Elliott said: “I am delighted to be joining McCarthy & Stone as it enters a period of rapid growth.

“The company is investing in excess of £1.5bn over a five year period in land acquisition and construction and is attracting considerable secondary market interest from investors who are keen to participate in the opportunities this expansion creates.”

McCarthy and Stone also revealed it generated 1,370 sales in the year to the end of August, delivering 12% growth in revenue to £258m. Operating profits rose by 10% to a five year high of £40m, in spite of the continuing difficult housing market.

Trading cash flow before reinvestment in land acquisition and construction grew to £196m.

The builder said it planned to open 47 new developments next year to drive further profit growth.