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| 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
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