The former chief executive of Partnership has been appointed as chairman of an equity release firm.

Steve Groves, who departed earlier this year after a merger with Just Retirement Group, has joined Retirement Bridge Group.

He was Partnership’s MD from 2006 to 2008 and CEO from 2008 to 2016.

Mr Groves, who was a non-executive director on the board of Guardian Group Limited from 2011 to 2016, said: “With significant recent investment from Patron and Electra, this is an exciting time to be joining Retirement Bridge Group. The company has a strong existing portfolio and I look forward to working with the team to grow the business further.”

Keith Breslauer, founder and managing director of Patron Capital, which owns Retirement Bridge Group alongside Electra Partners, said: “Steve’s appointment represents a significant hire for Retirement Bridge Group – formerly the Retirement Solutions division of Grainger plc – which we purchased earlier this year.

“This is a strong business with an extensive portfolio and attractive prospects, particularly given the ageing population.

“Steve brings a wealth of experience in the insurance and equity release sector and will work with the senior management team, led by CEO Paul Barber, to optimise the return from the existing portfolio and explore opportunities for growth.”

Alex Fortescue, managing partner of Electra Partners, said: “Our investment in Retirement Bridge Group was driven not just by the existing portfolio, but also by the potential to restart origination and develop a new platform. Steve’s experience will be instrumental in evaluating and planning this opportunity.”