Equity release broker, Leeds-based Age Partnership Group, and its sister company, Pure Retirement, the equity release lender, 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 Age Partnership produced a £5.02m profit, up from £2.6m, while Pure Retirement built on its £13.0m profit for the previous year by posting 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.
It had £4.3bn of loans under administration at the year end, which is anticipated to grow to more than £5bn this year.
Andrew Thirkill, chairman of both Age Partnership and Pure Retirement, 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.
“To support demand, 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.”
The group has also seen the rapid growth of Advise Wise, the sourcing platform and mortgage club founded by Jonathan Thirkill in 2019.
