Leeds firms Age Partnership and Pure Retirement celebrate year of ‘impressive’ growth
Age Partnership Group and sister firm Pure Retirement are celebrating EBITDA and turnover growth.
During the 12 months to December 31 2017, the Leeds-based group recorded an EBITDA of £12.2m, up from £7.9m in 2016.
Equity release provider Age Partnership generated £3.354m of the total, compared with £2.2m the year previous. Pure Retirement, which provides administration services on equity release loan portfolios for third parties, saw its EBITDA rise from £5.7m to £8.8m.
Age Partnership also saw a marked uptick in its turnover and staff count; under the leadership of chief executive Tim Loy, the business grew sales from £24.2m to £36.8m last year and created 160 jobs.
With a further 76 people recruited so far this year, the firm now employs 559 full-time staff at its 38,000 sq ft HQ on Thorpe Park.
Pure Retirement, meanwhile, increased its turnover to £21.1m. In 2016 the company, led by CEO Paul Carter, posted revenues of £15.9m and took on 27 new staff.
Pure Retirement currently employs 90 people at a 16,000 sq ft head office, also at Thorpe Park.
Andrew Thirkill, the chairman of both companies, said of the growth: “Naturally both teams are delighted to once again have delivered impressive results.
“To have created two very successful companies, which employ 650 people in my native Yorkshire, is something we are all immensely proud of.”
He continued: “When Age Partnership was established 13 years ago, the equity release market did not have the greatest reputation.
“However, knowing it was going to be regulated by the FCA presented a great opportunity to build an ethical, customer-focussed business from scratch, with nothing but the highest standards in all facets.”