Towergate bondholder report reveals increasing losses along with acquisition costs
Towergate’s first quarter bondholder report has revealed that losses on ordinary activities worsened to £18.6m in the first three months of 2013 from £14.7m at the start of 2012.
In the bondholder report group turnover for the comparable periods rose to £107.3m from £103.8m in the first three months of 2012.
Ebitda was broadly flat at £34.3m (Q1 2012: £34.2m) as net borrowings increased to £893.3m on 31 March 2013, from £856.7m at the same time in 2012.
Acquisitions
The document also detailed that the group made five acquisitions in the quarter - four companies and a portfolio of business for a total cost of £9.5m.
In another section of the report, Towergate detailed that
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