Leeds-based Age Partnership & Pure Retirement announce record profits for 2021

The UK’s largest equity release broker, Leeds based Age Partnership Group, and its sister company, Pure Retirement, which provides home loan mortgage contracts within the equity release market, have posted combined record profits of £15.6m EBITDA (earnings before interest, taxes, depreciation, and amortization) for the year ending 31 December 2021.

During the financial year Age Partnership produced a £2.6m profit whilst Pure Retirement built on its £10.7m profit the previous year by posting a £13m profit in 2021.

The equity release market was substantially impacted by COVID-19 in 2020 and as the Group entered 2021 the Government announced the third national lockdown on 6th January, with the lifting of restrictions not fully achieved until mid-July, which again meant demand for all the Group’s services and products remained subdued.

With confidence returning to the market following the roll out of the vaccination programme and the economy reopening, Age Partnership embarked on a significant investment programme to benefit from improving market conditions.

Pure also increased its headcount to 212 employees and continued to invest in its servicing and technical capability to continue to support third party relationships helping establish itself as the ‘provider of choice’ for those looking to outsource equity release origination and servicing. The company had around £3.3bn of loans under administration at the year-end which has subsequently grown to over £4bn.

The chairman of both Age Partnership and Pure Retirement, Andrew Thirkill said, “The later life lending market grew by 24 percent in 2021, reflecting recovery from Covid-19 disruption and increasing market demand with more people than ever wishing to realise part of the equity in their homes to improve their own lifestyle and those of their families.

“To meet the increased demand, we are supported by an exceptional team of 650 people across the two companies led by Steve Auckland at Age Partnership and Paul Carter at Pure Retirement.

“As well as achieving excellent financial results both organisations have also been recognised for various industry awards including winning ‘Best Financial Adviser’, at the Equity Release Awards in 2022; being shortlisted as ‘Later Life Advisers of the Year’ at the British Mortgage Awards and winning the ‘Best Provider of Products’ at the Mortgage Solutions Equity Release awards.

“Additionally Pure has once again retained the prestigious ‘Gold Investors in People’ accreditation with Age Partnership securing the accolade for a record 8th consecutive year.”

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