Towergate Financial Group is sold for £8.64m
Towergate Group sells the business to Palatine Private Equity as it concentrates on core businesses.
Towergate Group has sold Towergate Financial Group (TFG) to Palatine Private Equity for £8.64m.
The consolidator said TFG had long been identified as a non-core business given its different operational and risk profile.
The sale could have been completed early in the fourth quarter of 2014 according to the company but was put on hold due to the restructuring of the group as it addressed financial problems and considered bids for the entire business.
A sales process for TFG was launched in 2013
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