Speculation mounts over potential Paymentshield sale
Towergate has appointed an investment bank to lead the £400m sale of Paymentshield, according to the Sunday Times.
The article stated that the consolidator had taken on the services of Morgan Stanley to find a buyer for the mortgage protection specialists.
It further speculated that the sale could be a step towards a potential flotation of the whole company with the proceeds used to pay off debt.
In Towergate's Q3 results for the nine months to the end of September 2012, it reported that Paymentshield delivered an 8% rise in income to £50.8m compared with the same period of 2011 with operating earnings up by
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