Towergate sold Folgate for £1.9m
Troubled Towergate sold Folgate for £1.9m in August to APC.
The accounts for beleaguered consolidator Towergate, which announced yesterday that it was up for sale, showed that it sold its Folgate business for £1.9m in August this year.
Folgate, a run off business established in 1877, was bought by MGA APC Underwiting which is now considering creating a live insurance company using the organisation.
The results said the Folgate businesses, acquired by the broker in 2002, operated outside of "Towergate's main area of focus".
At the time of sale a
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