Losses worsen at Towergate
Consolidator confirms 600 job losses as income stays flat and operating earnings drop for first half of 2014.
Towergate has revealed a pre-tax loss of £19.7m for the first six months of 2014, a substantial increase on the £13m lost in the same period of 2013.
The consolidator reported that with income flat at £223m for the first half of the year, operating earnings dropped by 12% to £68.3m (H1 2013: £77.5m).
In addition Towergate confirmed that it would be cutting 600 jobs by the end of 2014 and predicted the reduction in staffing levels would save £20m a year from 2015.
By division, broking saw no
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