Towergate bondholder report reveals £11.6m PowerPlace loss
Towergate racked up an £11.6m loss on the sale of PowerPlace, its annual bondholder 2012 report has revealed.
The broker sold PowerPlace to Open GI for an undisclosed fee in February this year after Towergate CEO Mark Hodges had previously told Insurance Age that the software company was not a top-five priority for the business.
The report confirmed: "On December 31, 2012, Towergate reached a definitive written agreement for the sale of PowerPlace to Open International Limited, a subsidiary of Broomco. The total loss on disposal amounted to £11.6 million."
According to the bondholder report, PowerPlace
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