Towergate hails "solid financial footing" as restructure process completes
Firm's debt reduced by 60% and liquidity improved.
Towergate Insurance's management team have said the firm is on a much more solid financial footing following a restructuring and recapitalisation process in line with the consolidator's unsecured creditors completing their takeover.
The broker announced it now has a substantially deleveraged capital structure through a 60% reduction in net debt to £380m and the provision of additional liquidity totalling £125m.
Towergate claimed it will also benefit from the addition of several new hires who are
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