Advent and Towergate are in exclusive talks about a deal that would see the private equity group take a significant minority stake in the company, according to Sky News.
Towergate is one of Britain’s leading insurance firms, employing hundreds of people.
It also provides independent financial advice and, in December, acquired Wetherby-based A1 Financial Services. A year ago, it rescued mortgage advisory firm John Charcol from administration.
According to Sky, the company may seek a stock market listing in 2013 that could propel it into the FTSE 100.
Cullum, who received a CBE in the New Year’s Honours List for his charitable work, has previously sought external investment in his business from a group of hedge funds including Och-Ziff and Reservoir.
The latest capital injection is likely to form part of a broader refinancing that is expected to include a bond issue later this year.
Advent and Towergate declined to comment.
