In Retirement was backed by European private equity firm 3i and was one of the UK’s biggest equity-release providers. The company was reliant on the wholesale markets for funding.
Deloitte has been appointed administrator of the business and property of In Retirement Holdings Limited.126 staff have been made redundant and 54 will be retained as administrators try to sell on the business.
Deloitte says the company’s insolvency should cause no concern to In Retirement Services’ clients in respect of the ownership of their home.
A Deloitte spokesman says: “It has not been possible to secure funding to enable the group to remain outside of an insolvency process.
“We are 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.”
Retirement Plus managing director Duncan Young says: “This is very sad. In Retirement Service was an exponent of quality business and good customer service.”
Key Retirement Solutions group director Dean Mirfin says its no surprise that equity-release providers are suffering. He says: “It is going to be hard for providers with direct salesforces to sustain themselves as they are put under further financial pressure.”