Mortgage News
John Charcol returns to profit
John Charcol announced that it is back in the black and trading profitably once more, following its takeover by Towergate Financial in February this year.
Towergate also confirmed it is in acquisition talks with four more firms, with an announcement expected in the coming weeks.
Ian Darby, chief executive of Towergate Financial, verified the brokerage’s profitability and added that John Charcol will expand over the next year, recruiting 20 additional brokers to supplement its current stable of 70 brokers.
Darby revealed that prior to the takeover, John Charcol had costs equal to a business three times its size.
Darby said: “Towergate Financial can reduce John Charcol’s overheads and provide it with IT, HR and finance support, along with a good customer base from which it can cross sell.”
In addition, Towergate Financial has launched a Transitional Toolkit featuring a range of tools to help IFA firms switch to a recurring fee model as part of the FSA’s RDR requirements.
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