View more on these topics

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.


Flipping the figures

This has been really rather a remarkable summer, markets-wise. By the middle of last week, the FTSE 100 index was flirting with 5,000 – a level not seen since the dark days of last autumn. The recovery from lows of less than six months ago has been a staggering 40 per cent. In the US, it has been even greater. If this truly has been only a bear market rally, then you still would have been very wrong to ignore it.


News and expert analysis straight to your inbox

Sign up


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.

Leave a comment