Essex-based equity release adviser firm Bower Retirement Services has bought Surrey-based Sixty Plus for an undisclosed sum.
Sixty Plus’s advisers, including former managing director David Wright, will be joining Bower.
Mr Wright said: “Bower has established an enviable reputation among consumers and advisers alike.
“The ethos of the company - to advise and not simply sell - creates a nurturing, ethical atmosphere in which to operate, one that fits well with the values Sixty Plus stood for.
“Together, our combined manpower will make a tangible impact on the lives of many more over-55s.”
The acquisition means the number of advisers working for Bower Retirement Services has increased by 40 per cent in the past year.
Background
Total equity release lending passed £1bn in the first nine months of 2014, according to the latest figures from the Equity Release Council.
Research by Bower Retirement Services found that an extra 800 qualified equity release specialists would be needed by 2020 to meet growing demand to release equity.
