Gallagher should trade with Towergate, confirms Lyons
Interim chief executive hails “conclusion” of sales process as bringing stability to broker.
Alastair Lyons, interim executive chairman at Towergate has described the deal with the senior secured creditors as providing "a strong, stable and sustainable basis for the company going forward to realise its strategic plan".
Under the terms of the agreement the troubled consolidator will see debt reduced by over 60% to £375m, which includes a £75m investment of new finance.
The process will cut the ongoing interest burden of the company in half.
"We have always said that Towergate is a great
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