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Towergate reveals takeover approach

Towergate Insurance has appointed Evercore and Rothschild as joint advisers after being approached about a possible takeover.

The firm floated the possibility of a sale in a short statement accompanying its interim management statement. The identity of the bidders and the potential timescale of any sale process have not been disclosed.

Towergate executive chairman Alastair Lyons says: “Towergate is a unique asset for someone to own in this industry.

“The approaches we have received underline this and are testament to the group’s strength in its primary markets. Whilst there can be no certainty that these approaches will result in a sale, it is our responsibility as a board to evaluate them thoroughly.”

Towergate owns advice business Towergate Financial and Paymentshield, which provides insurance products to mortgage brokers. Mortgage broker John Charcol is also part of the group.

Earlier this year, the firm revealed Towergate Financial is under investigation by the FCA over “issues” related to enhanced transfer value exercises and unregulated collective investment schemes. The company stopped advising on ETVs in Q4 2012.

Income across Towergate in the year to 30 September dropped marginally, from £332.5m to £328.5m.



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