There was an important line in the recent Towergate bondholder report for the first quarter of 2014. The consolidator reported that in the three months to 31 March, turnover in the insurance brokers division increased by 1.7%, a rise of £0.8m to £47.5m for the period. The figure was broadly in keeping with the 5.5% annual growth achieved in 2013 when the division’s turnover topped £200.2m.
However, the Q1 report noted: “Strong income from acquisitions has offset lower organic retention and new
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