Equity release adviser Sixty Plus has pulled out of a takeover deal by Bower Retirement Services, meaning the two will continue as separate entities.
In March, Bower Retirement Services announced it was set to acquire Sixty Plus, which operates exclusively in equity release, with plans to fully integrate the firm into its business.
The deal would have brought the total number of advisers working for Bower up by 40 per cent over the past year.
However, David Wright, managing director of Sixty Plus, said the deal will no longer be going ahead, citing “his own personal reasons”.
A statement from the firm explained that the decision is effective immediately, with Sixty Plus and Bower Retirement Services continuing to operate as separate entities.
“David’s decision resulted from his own personal reasons, and has no reflection on Bower or the directors whatsoever. Bower wishes David the best of luck for the future with Sixty Plus, at a time when quality equity release advice is becoming ever more important.”
Data from the Equity Release Council, published in January, revealed the total value of equity release lending reached a record £1.38bn in 2014, exceeding the previous high of £1.21bn in 2007 by 14 per cent.
Earlier this month, Legal and General completed the acquisition of equity release firm New Life Home Finance for a consideration of £5m, following Financial Conduct Authority approval.