Is 2011 set to be the year of the start-up or the consolidator?
The news that Towergate had lost a pre-action disclosure application in the High Court and been ordered to pay £17,000 in costs to Lorica Insurance Brokers came shortly after the announcement that the consolidator’s deal with Advent had created a £90m acquisition fund.
The ruling in February by Mr Justice Langstaff dismissed Towergate’s contention that Lorica had mounted a “targeted attack” on its business recruiting 27 employees and transferring the business of at least 66 clients.
So will 2011 mainly be remembered as the year where consolidators went back into the market or one where employees started setting up independently?
Howard Pepper, managing director at new broker network Momentum Solutions, admitted the offering had already signed up former
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