The Leeds-based group, comprising of over 50s money expert Age Partnership and lifetime mortgage lender Pure Retirement increased turnover to more than £75m in 2018, up from £57.9m the previous year. Earnings also lifted in the same period from £12.1m to £15.5m.
The group said expansion of Age Partnership’s portfolio of new products aimed at the 50-plus market, including insurance, wills, power of attorney, later life mortgages and wealth management, contributed to the success.
Andrew Thirkill, executive chairman of Age Partnership, said: “Our continued success is testament to the excellent management team in place at both companies.
“The fact we invest heavily in both technology and the training and development of all our colleagues enables us to continue to grow the business.”
The addition of services, and the growth of its equity release advice has led to the creation of 65 new jobs in the last 12 months with the headcount reaching 650.
“Through our Partnership Academy we provide first-class customer service training and knowledge development, so we can support and nurture the growth of everyone in order to provide long-term, satisfying careers,” Mr Thirkill said.
“Testament to our training is the fact that last year Pure Retirement was recognised as Yorkshire’s fastest growing company by The Yorkshire Post,” he added.
“However, despite such sustained growth, the group still has the highest customer satisfaction ratings across the whole of the UK’s financial services sector. Naturally we are all extremely proud the froup has become such a major Yorkshire success story.”
It has secured new commercial partnerships with the likes of Sun Life and Standard Life.
Susie Logan, brand and marketing director at Standard Life, said: “Since pension freedoms, we are seeing so much diversity in the way people are accessing their life savings.”
Pure Retirement also entered into an agreement with the Nationwide Building Society to originate and service its lifetime mortgages.
Pure Retirement, which played a role in helping Nationwide enter the equity release market in 2017, is managing the set-up and ongoing customer servicing of Nationwide equity release customers, with the building society advising on products through its specialist team of later life mortgage consultants.
Tim Loy, group chief executive at Age Partnership and Pure Retirement, said: “We’re proud to have supported Nationwide on its entry into the equity release market over the last couple of years.
“For our sector to have the support of the UK’s largest building society is a great endorsement, and the fact that products will soon be available through Nationwide later life mortgage consultants directly is another clear sign that equity release is moving into the mainstream of financial services.”
Henry Jordan, director of mortgages at Nationwide, said: “The role that both Age Partnership Group and Pure Retirement have played supporting us in establishing ourselves in the equity release market has been of great value.”
Lifetime mortgages are still the Group’s largest area of operation, where it has increased UK market share to 28 per cent in a sector that has grown to more than £4bn.
Former Leeds Building Society CEO joins board
Peter Hill, the former CEO of Leeds Building Society, has joined Pure Retirement as a non-executive director.
He said: “Having spent much of my career helping people to have the home they want, I’m delighted to be part of an organisation which provides support in later life, helping customers to continue to live in the home they love, and have the financial resources to enjoy life to the full.”
Andrew Thirkill said: “We are extremely proud that Peter Hill, who is one of the most experienced and well-respected operators within the UK mortgage industry, has agreed to join the board of Pure Retirement as a non-executive director.”