Towergate sold Powerplace for £1
Independent strategy and investment in technology has helped business grow, says Open GI chief.
Open GI paid Towergate Partnership £1 for Powerplace Insurance Services, a filing at Companies House has detailed.
According to the document, the deal also included a "deferred consideration" of £1.5m dependant on performance-related metrics but this has not been triggered.
The filing stated that come 31 May 2014 the directors assessed that it was no longer likely that the metrics would be achieved and "therefore released the deferred consideration liability".
Chris Guillaume, chief executive
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