Towergate restructure cost £12.4m in Q1 2015
Bondholder report reveals cost of financial restructure, regulatory costs and expenditure around reorganisation of business.
The financial restructure of Towergate cost £12.4m in the first quarter of 2015 according to its bondholder report.
This followed on from costs revealed in the 2014 Bondholder report which showed: "Certain costs related to this restructuring have been recognised in the 2014 results, including £8.0m for retention bonuses for key staff and £2.3m of other expenses."
Regulation
Towergate also incurred regulatory expenses. For the first quarter of 2015 these amounted to £1.1m (2014 Q1: Nil)
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