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Cullum may have lost £17m in Towergate IFA arm collapse

Towergate executive chairman Peter Cullum may have personally lost £17m in the pre-pack administration of the group’s financial services arm, according to reports.

Towergate Financial Services collapsed in June this year and its chairman Patrick Snowball is believed to have lost £600,000 of his own money, according to reports in The Independent on Sunday.

Towergate Financial Services was set up as an IFA consolidator firm with a £100m war chest in January 2008.

But TFS was put into administration by the board of directors in June and Towergate Underwriting Limited bought out the IFA firms previously held by TFS from the administrator Grant Thornton.


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There is one comment at the moment, we would love to hear your opinion too.

  1. Fools and their money…
    This industry’s history is littered with the empty husks of ‘vehicles’ and ‘propositions’ created by someone’s ego fuelled by someone else’s megalomania. Once was enough for me.

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