Towergate Ebitda drops 24% for 2014
Broking division posts 32% fall in Ebitda results.
Towergate has revealed a drop in Ebitda and income for 2014 as it confirmed a deal for senior secured creditors to buy the business.
The consolidator's income was down 4% at £426m (2013: £443m) as Ebitda dropped 24% to £110m (2013: £145m).
The business had warned in December that income would be down as a number of trading deals with insurers were not being completed due to "uncertainties affecting the group" as it was up for sale.
Broking
By division the results for 2014 revealed that for
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