|Picture from: http://www.kentonline.co.uk/kent-business/county-news/takeover-bid-for-insurance-broker-30388/|
To quote from ChrisPrice, “…Troubled insurance broker Towergate is considering a £1 takeover bid from its bondholders which will pay off £715 million of the company’s debt.
The firm, founded by entrepreneur Peter Cullum in 1997, was put up for sale last year after announcing falling profits and a debt burden close to £1 billion……”
All seems to have gone so well for so long, but maybe the good times were built on sand? Well, certainly debt! “….a debt burden of nearly £1 billion…” WOW! That is huge. I am sure that they will find a way to ‘trade on’ – but surely price increases are the least that existing clients can expect? Worrying times for the 4,000 or so staff I imagine. Not sure how well I’d be able to concentrate with this lot hanging over my head.
Crikey! A story worth keeping an eye on if you have a policy with them.
Call me to discuss your insurance needs on 0208 2550617 / 07768 865983