Key Retirement

Specialist financial products for retirees   |    www.keyretirement.co.uk

 

Date Invested

August 2013

STATUS

Realised

SECTOR

LOCATION

Preston, UK

CONTACT

Sandy Muirhead

James Squires

Key Retirement Group (KRG) is a leading independent provider of specialist financial products for retirees, with particular expertise in designing and selling lifetime mortgages (LTMs), enabling customers to release equity from their homes to fund their retirement. Founded by Colin Taylor, KRG has a c.35% share of a growing and highly regulated LTM distribution market and, through its More2Life subsidiary, directly originates LTMs on behalf of third party funders. The business also provides estate planning and other retirement income products, leveraging its database of existing and potential customers and its strong direct-to-consumer marketing capability. Phoenix invested in KRG in August 2013 and sold the business to Partners Group in August 2017.

Our partnership

During the course of the investment period there was an active focus on expanding the More2Life funding base and increasing the lifetime value of customers. New operational technology were prioritised, including a new CRM system and a market-leading lending platform. The senior management team was strengthened at the time of Phoenix's investment, with the recruitment of a new CFO, Marketing Director, and head of Division. Revenues doubled and profits more than trebled under Phoenix's ownership.

"Phoenix saw the potential in our business at an early stage and have been a highly supportive partner. They are professional to deal with and the knowledge and expertise they bring has helped us deliver a major investment and growth programme.”

Simon Thompson, CEO designate of Key Retirement Group