Restructure costs Towergate £38.7m
Report reveals true cost of business changes and that it will need to pay additional fees of over £1m relating to David Ross court case.
Towergate's second quarter bondholder report has revealed that it spent £38.7m restructuring the business in the first half of 2015, following the publication of half year results which showed losses of £58m.
The restructure happened after the business was taken over by unsecured creditors in a deal to offer the broker a 60% reduction in net debt to £380m and a £125m injection into the business.
The process was completed in April this year.
Towergate outlined that the additional funding would
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk.
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@insuranceage.co.uk
Most read
- Wakam receives PRA approval for new £500m GWP UK insurer
- Aviva’s David Martin on the art of the possible
- Brokers push for more from RSA/NIG