Equity release specialists In Retirement Services has gone into administration.
The firm was part of the equity release trade body Safe Home Income Plans (SHIP) and was backed by private equity house 3i.
Carlton Siddle, Robin Allen and Nick Edwards from Deloitte have been appointed as joint administrators to manage the administration process.
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 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."
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Investment trust savings scheme