You are here: Home - News -

Towergate sells John Charcol in £8.64m deal

by: Mortgage Solutions
  • 05/03/2015
  • 0
Towergate Insurance has confirmed the sale of John Charcol and TF Financial Planning to Palatine Private Equity in a deal worth £8.64m.

Towergate said the sale of its advice business, Towergate Financial, could have been completed in the fourth quarter of 2014, but explained it was put on hold due to the consensual restructuring of the group.

Towergate now expects the sale to be completed on or around 20 March.

Scott Egan, interim CEO at Towergate said: “The sale of TFG is further evidence of a commitment to our core strategic focus, which is to build on our market-leading positions and distribution capabilities in SME insurance and specialist personal lines. The provision of independent financial and mortgage advice sits outside these markets and has now found a more fitting home with Palatine Private Equity.

“We look forward to an ongoing and mutually beneficial relationship with the
business post sale, as a distributor of complementary products and advice. Towergate Group is absolutely focused on the opportunities as we continue to revitalize the Group. This action further illustrates the momentum Towergate has gathered following its proposed restructuring.”

Towergate Financial is facing a potentially huge bill for the mis-selling of two financial products towards the end of 2012.

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.


Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.


Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.


Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.
  • RT @robjupp: Great day yesterday for donations to @MortSleepOut. With Gift Aid, we are now close to £17,000. It would be great to get to £2…

Read previous post:
The Mortgage Works cuts early ERCs

The Mortgage Works (TMW) is to apply a reducing scale of early repayment charges (ERCs) to all new buy-to-let mortgages,...