Troubled consolidator tight lipped over bidders

private-investigator

Hunt for new CEO suspended.

Alastair Lyons, Towergate's interim executive chairman, would not disclose any information about which companies are behind the approaches to buy the broker or how much they have bid.

He told the Insurance Age it would be incredibly difficult to make a judgement on the timescale for a buyout.

The comments came as the consolidator revealed net debts of £977.5m, increasing losses and cash flow problems in its results for the year to 30 September.

Bidders
Lyons raised the possibility that more

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Broking Success: Embracing technology

Mark Thomas, founder of Compare Insurance, is looking to harness the power of technology even further to continue the pace of 60% growth the business achieved last year.

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: