Towergate has come to a financial agreement with Bob Beckett and his co-defendants to resolve the dispute over the breaching of restrictive covenants by Mr Beckett and former Towergate employees who joined him at Insurance Risk Solutions in Bury St Edmunds at the start of 2007. As part of this settlement, Mr Beckett has made an apology and the defendants will pay £825,000 to Towergate for damages and costs, and will pay their own legal costs.
Towergate’s executive chairman, Peter Cullum, commented: “This case has been about integrity, honesty and morality and I expect that this ill-advised journey has not only caused Mr Beckett financial harm, but personal discomfort given his former position on the CII Professional Standards Board.
“We pay top dollar for businesses we acquire, so we do not expect vendors to look to reclaim the business they have sold. This would be like buying a house then finding the previous owners trying to move back in.
“As for Mr Beckett’s co-defendants, it was extraordinary to find experienced practitioners displaying such a naive disregard for their covenants when attacking their former colleagues.”