Key Group is one of the UK’s leading providers of equity release advice and already has a significant presence in the intermediated market with its B2B lender, more 2 life.
Kim Lerche-Thomsen, Primetime Retirement’s founder and CEO, said: “This deal represents a significant forward step in the development of our business.
“Key Group is an exciting and successful brand to be involved with and it will help launch our products to a new audience of advisers and consumers.
“The retirement income and retirement lending markets are set to become more closely entwined as a result of the expected pension changes being introduced next year.
“The combined strength of our respective brands, plus our heritage in pioneering new product solutions for clients and their advisers, will give us a unique competitive edge.”
Colin Taylor, CEO of Key Group, added: “We chose to invest in Primetime Retirement because we recognised the potential for developing a powerful new B2B manufacturing proposition, complementing our strength in retirement lending with that of Primetime Retirement’s expertise in retirement income.”
The company has also announced that it will be moving its Sales unit from its current location in Bristol to the Key Group head offices in Preston and it is in the process of informing all of its IFA customers of the change to account management.
The deal is Key Group’s second of the week following its earlier acquisition of second charge lender V Loans on Wednesday.