Towergate claims victory in court battle with Beckett
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
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 print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- In Depth: Managing cyber risk in an ever-changing security landscape
- Covéa cuts losses but underwriting deficit grows
- JMG strikes its biggest deal of 2024 with BQI swoop