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Daily Insurance Industry News
Sunday 26th of May 2019
February 26, 2008

Towergate to sell 25% of business

by David Masters

Story link: Towergate to sell 25% of business

The chairman of Towergate, Peter Cullum, is in talks with the private equitity group Candover and is expected to sell up to one quarter of the company’s business.

The Sunday Times reported this week that Cullum, who co-founded Towergate a decade ago and owns 70% of the company, is ready to sell a £850 million stake of the £3 billion company. A small percentage of the proceeds from the sale would be distributed between senior staff, whilst the remainder would be invested into the company.

Towergate says that the talks with Candover are at a ‘preliminary stage’. The discussions come amid a refinancing operation for Towergate that will consolidate the company’s debt into a £1 billion package.

If Cullum proceeds with the sale, it is expected that Towergate will be floated on the London stock market by 2011.

Towergate also made their 143rd acquisition this week with the purchase of Leicester based broker T F Bell.

 

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