Retirement Plus, a home reversion provider, has today announced it has agreed to merge with Milton Homes by the end of November subject to regulatory approval.
The two businesses already had close ties, with both having Delancy as a shareholder. Retirement Plus also administered Milton’s home reversion plans and arranged its new business pipeline.
The merged company will have joint assets of almost £100m and a significant market share in the home reversion sector.
Retirement Plus business will maintain its branding and product range, while Milton Homes will rebrand under the name ‘Living Plus’.
The new business will be initiating a recruitment drive in the coming months as part of an expansion programme aimed at extending the firms’ joint product ranges and introducing new products.
Commenting on the merger, Duncan Young, chief executive of Retirement Plus, says: “This is a good time to consolidate our position in the market. We are extremely confident that the case for home reversion is being recognised by growing numbers of homeowners and their advisers.”
Colin Wagman, chairman of Milton Homes, adds: “This merger, brings the known financial resources of Delancey together with Retirement Plus which has one of the most highly respected and well-established managements in this sector. We look forward to expanding our market presence rapidly and thereby working to satisfy the increasingly urgent need to support the UK’s ageing population”
The merger is expected to be complete by the end of November and is subject to regulatory approval.
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