Rising demand for equity release sees record profits for sister companies

Andrew Thirkill

Equity release broker Age Partnership Group, and sister company, Pure Retirement, which provides home loan mortgage contracts in the equity release market, have written new loans of over £1.7bn between them and posted combined profits of £22.02m EBITDA for the year ending 31 December 2022.

During the financial year Leeds-based Age Partnership produced a £5.02m profit, up from £2.6m, while Pure Retirement built on its £13m profit for the previous year by achieving a £17m profit in 2021.

To meet increasing demand, Pure has continued to invest in its loan servicing and technical capability to support third party relationships for its services and products, with its headcount increasing by 65 during the year to 277 employees. 

Pure had £4.3bn worth of loans under administration at the year end, which is anticipated to grow to more than £5bn this year.

Chairman of both Age Partnership and Pure Retirement, Andrew Thirkill, said: “Increasing UK market demand allowed the company to assist more people than ever to realise tax free cash part of the equity in their homes. Improving their lifestyle and in many cases that of their families.

“We are supported by outstanding teams across the two companies led by highly experienced CEOs in Steve Auckland at Age Partnership and Paul Carter at Pure Retirement.

“As well as achieving impressive financial results, both organisations have been recognised for numerous industry awards.

“Additionally Pure has once again retained the prestigious ‘Gold Investors in People’ accreditation with Age Partnership securing the accolade for a record 10th consecutive year.”

The group has also seen the rapid growth of Advise Wise, a sourcing platform and mortgage club founded by Thirkill in 2019.

It provides technology, specialist support and exclusive deals to independent financial advisors to drive the growth of the equity release sector.

Both companies said trading for the final quarter of 2022, and the first half of the current year, had seen subdued funding appetite following the impact of the ‘mini budget’ in September which impacted volumes across the mortgage market.

But the companies add they are now seeing signs of recovery. They note that customer demand for their products and services remains strong.

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