Towergate buys John Charcol
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Towergate Financial has bought national mortgage broker John Charcol.
Under the terms of the deal, all John Charcol staff and directors will be making the move to Towergate Financial.
Towergate Financial says a “key element” of its growth strategy is to establish a mortgage broking proposition alongside its private client and corporate solutions businesses.
Towergate chief executive Ian Darby (pictured) is former chairman of John Charcol and spent 16 years at the broker before taking up a number of executive roles at Bradford & Bingley. He will work alongside current John Charcol chief executive John Garfield in the new business.
Darby says: “We believe there is an excellent fit between our business and John Charcol.”
Garfield says: “Joining forces with the team at Towergate Financial will provide our business and people excellent opportunities to work with Towergate’s businesses to our mutual benefit and to thrive in what is a very exciting time for the mortgage market.
“John Charcol has an incredibly strong brand in the mortgage market built over many years, based on top quality advisers and great advice. We jointly have a great opportunity to offer financial planning and insurance solutions to Charcol’s clients and vice versa.”
According to its last annual accounts, John Charcol had £7m in debts and three of its directors pumped more than £5m into the business.
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Readers' comments (6)
Martin Bamford | 23 Feb 2010 2:31 pm
This is good news for all of us, assuming that it is a proper acquisition and not some form of pre-pack deal with all of the liabilities being dumped on the FSCS? Perhaps someone can confirm it is the former (good news) rather than the latter (bad news, brings the reputation of all involved in the deal into question)?
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Ketan Yadav - Avenue & Co Private Finance | 23 Feb 2010 2:55 pm
The management at John Charcol are good guys, smart and great at building companies and I recently had the pleasure of meeting John Garfield.
It's funny how in this game, many end up partners again.
Good Luck and all the best with the new company.
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hugh Jeego | 23 Feb 2010 3:10 pm
A new company, Charcol 2010 was set up this month. What`s that all about then? Does the FSA know and more importantly does HMRC know?
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Anonymous | 24 Feb 2010 6:22 pm
Charcol should have been left to rot. Boulger and Co have been a scourge on the industry for years representing their own best interests at all times. Twoergate deserve them - with their opwn poor customer service and amateur advice, this is a marriage made in heaven. I trust Charcol will pay everyone they owe money to?????????? Disgraceful!!
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Ex Charcol Broker | 24 Feb 2010 11:04 pm
Ketan, how are the management of Charcol smart? Considering they went into administration before being bought.
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Anonymous | 28 Feb 2010 2:20 pm
Arising from the flames of debt and administration to form a new alliance and carry on the respected brand what a joke . and while this is going on, please can someone wake up Bagpuss at Canary Wharf- what do they have to say about phoenix firms?
How can JC be taken seriously with £Ms of debt. Certainly not a professional outfit to be trusted, If they can't manage their finances why should the public trust them
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