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In Retirement goes into administration

Equity release specialist In Retirement Services has gone into administration, with Deloitte being appointed as administrator of the company.

Deloitte has appointed Robin Allen, Carlton Siddle and Nick Edwards as joint administrators of the business and property of In Retirement Holdings Limited, In Retirement Services Reversions Limited and Equity Release Limited.

In Retirement was backed by 3i, a European private equity firm.

Deloitte says the insolvency within the group should cause no concern to customers of the group in respect of the ownership of their home. Customers should call their usual point of contact within the group in respect of queries in relation to their policy.

Allen says: “Unfortunately, it has not been possible to secure funding to enable the group to remain outside of an insolvency process. We are currently working with management to determine the best strategy for maximising value for the group’s stakeholders and preserving the continuity of services to its 14,000 customers.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. More for the FSCS?
    Is there a possibility of claims via the compensation scheme?

  2. IRS Go into administration
    I read that IRS went into receivership with some hope that matters might be explained to me , as an adviser with the company I cannot believe that the whole sale force was only told that they had no job, no pay and that we are all out of work on Friday 25th July. I also noted that the article made mention of the shareholders.
    Lets try and put this major bomb shell into prospective, 60 odd sales staff and office staff have been made redundant, with nothing other that help from the government.

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