Towergate plays down cashflow fears
Troubled consolidator holding talks with bankers.
Towergate's interim executive chairman, Alastair Lyons, has told Insurance Age he is confident the broker will continue to meet its financial obligations and will not run out of cash as a result of pressures on its trading income.
The firm's bondholder report for the first nine months of 2014, revealed uncertainties around operational cashflow which it explained as resulting from expenditure on investments in change projects and regulatory investigations.
These factors impacted trading income in
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