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Bondholder report puts Towergate losses at £95m

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Group and net debt both rise and highest paid director gets £290,000 pay rise.

The Towergate Holdings II bondholder report for 2013 has revealed total losses on ordinary activities of £95.2m, a substantial increase on the £56.9m loss in 2012.

The unaudited figures, calculated using different accounting standards to the £41m loss, also reported interest payments and similar charges of £93.8m for the year, up from £90.9m in 2012.

The annual report for the year ended 31 December 2013, noted that group turnover increased to £442.2m (2012: £432.9m) while Ebitda dipped by more

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