Equity release firm In Retirement Services has gone into administration with Deloitte appointed as administrators.
Carlton Siddle, Robin Allen and Nick Edwards from Deloitte were appointed as joint administrators on Friday to manage the administration process for In Retirement Holdings Limited, In Retirement Services (Reversions) Limited and Equity Release Limited.
Deloitte says that as the financing for the equity release plans came from other financial institutions In Retirement Services has no financial or ownership interest in the properties that have been subject to equity release arrangements.
Robin Allen, joint administrator of In Retirement Services, 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.”
The company was backed by private equity house 3i and was part of the equity release trade body Safe Home Income Plans.
Customers of In Retirement Services with queries should call use their usual point of contact within the In Retirement Services group.
