fbpx

KRS sells majority stake to Phoenix Equity

Robyn Hall

June 19, 2013

Phoenix Equity Partners is investing along with Key Retirement’s management team of chief executive Colin Taylor, managing director Paul Wilson and group directors Dean Mirfin and Richard Overson.

The deal which sees previous investor Cabot Square Capital sell its stake after six years is subject to regulatory approval.

Colin Taylor, chief executive of Key Retirement Solutions, said: “Since launch KRS has worked tirelessly to improve the level of financial advice available to those approaching or in retirement.

“We are excited about partnering with Phoenix, a firm with considerable experience of investing successfully in the retirement segment of financial services, to continue to build KRS into the trusted brand for the over 55s.”

Preston-based Key Retirement was founded in 1998 as an equity release specialist. Since then it has grown to be the UK’s number one equity release adviser as well as a top 10 annuity broker and a leading innovative equity release lender through more 2 life.

Sandy Muirhead, a managing partner at Phoenix, said: “We believe KRS represents a highly attractive platform from which to develop a broader retirement services proposition.

“We have strong knowledge of this sector, by virtue of our highly successful previous investment in Partnership Assurance, which we created in 2005, and we look forward to working with the KRS management team to build another leading business in this sector.”

James Clark, partner, Cabot Square Capital said: “KRS has been a fantastic success story over the last six years, expanding organically and through acquisition to provide multiple offerings for people in or approaching retirement.

“We are pleased to have supported KRS through its significant growth period to become the UK’s leading supplier of retirement services to the over 55s, whilst at the same time retaining its status as a trusted adviser.

“KRS is well placed to capitalise on this momentum and we wish them all the best for the next stage of their growth.”


Sign up to our daily email