Competitors react to Broker Network's £55m value reduction
Troubled Towergate's network division has faced challenges for years.
Towergate has reduced the value of Broker Network by nearly £55m, according to the bondholder report for the first nine months of the year.
The troubled consolidator said the performance of its network division had been disappointing and was lower than forecast.
Commenting on the reduction in value, Les Brewin, managing director of Purple Partnership, told Insurance Age: "Marking it down suggests they had a high view of what it was worth in the first place.
"What is quite surprising to me is
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