Troubled Insurance Company Looks For Buyers

According to reports released today, the troubled Insurance company, Towergate Insurance based in Poole, near Bournemouth, is on the search for potential buyers.

The company which employs nearly 60 people, recorded looses of over £100 million in the year ending up to September 30 2014.

towergate insurance

 

This huge loss, has caused the company to seek potential purchasers of the firm and Towergate has appointed Evercore and Rothschild to assist Towergate in finding a possible suitor.

Alexander Lyons, the Executive Chairman of Towergate told the media that the company was a “valuable asset” for any company in the Insurance sector.

Mr Lyons also added that Towergate had received several advances for companies interested in purchasing Towergate and that this fact underlined and showed the potential the company offered to any potential purchaser.

A leaked financial statement, unveiled that total income reached nearly £320 million, which was a fall of 1 percent and operating cash, plunged by 22 percent to £66 million.

Towergate, told reporters that the company was working hard to cut it’s looses and improve it’s financial performance for the year 2015-16.

The company which is based in the seaside town of Poole, employs around 60 people, who are engaged in the fields of insurance underwriting, broking and financial management.