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Tuesday, 20 January 2015

Towergate insurance broker – an major player in the Archaeology Insurance world - receives £1 takover bid from bondholders which will write off £715m of debt

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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.

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