Restructure costs Towergate £38.7m
Report reveals true cost of business changes and that it will need to pay additional fees of over £1m relating to David Ross court case.
Towergate's second quarter bondholder report has revealed that it spent £38.7m restructuring the business in the first half of 2015, following the publication of half year results which showed losses of £58m.
The restructure happened after the business was taken over by unsecured creditors in a deal to offer the broker a 60% reduction in net debt to £380m and a £125m injection into the business.
The process was completed in April this year.
Towergate outlined that the additional funding would
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