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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.

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