Penfold, the UK pension provider, has announced a leadership change in its second quarter update, alongside reporting significant growth and a stable financial position.
Pete Hykin, Stuart Robinson and Chris Eastwood founded the company in 2018. Since then, Eastwood and Hykin have led Penfold as co-CEOs, with Robinson taking on the role of CTO.
Hykin has decided to step back from daily operations and transition to a non-executive director role on the Penfold board, with Eastwood assuming the role of sole CEO.
In an investor update, the company said: “With the business on stable financial footing and a strong leadership team in place, our co-founder and co-CEO Pete has chosen to step back from the day to day running of the business.
“The founding team has agreed, with lead investor consent, to nominate Chris as sole CEO for the business going forward, where he will continue to be supported by Pete in an advisory capacity.”
Progress report
In Q2, Penfold achieved over £50million in asset inflows for the second consecutive quarter, bringing its assets under administration to £479million. This represents a 100 per cent increase from approximately £240million a year ago.
The company also added 7,000 new customers, pushing the total to over 72,000. Penfold achieved this growth without a flagship client win, suggesting increased scalability of its growth channels.
Penfold’s accountancy channel saw significant activity, doubling the number of new workplace clients introduced compared to the first quarter. The company says it has established key partnerships with payroll bureaus and software providers to further accelerate this channel’s growth. In total, Penfold added 507 clients in Q2, reaching over 2,000 clients, a 100 per cent increase from six months ago.
The company also completed a £2.9million equity top-up round, including an additional £0.5million in June from the exercise of outstanding warrants from the 2022 funding round. This funding has positioned the business to reach breakeven.
Penfold’s future strategy includes shifting focus to improving the core pension experience for end customers starting in late Q3. This aims to enhance customer satisfaction, encourage pension consolidation with Penfold, and reduce reasons for transferring pensions to other providers.
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