The consolidator bubble: refunding lessons
Tony Cornell reflects on the problems of excess capital in the market and the effect on long-term growth.
If the press reports are correct, the refunding of Towergate marks an incredible turnaround from the dizzy heights in broker values before the crash in 2008. At the time, it was believed there was an offer of some £800m for a 25% share of the business excluding Paymentshield and CCV. This valued the businesses at well over £3bn, propelling Peter Cullum, the majority shareholder, into one of the leaders in the Sunday Times UK rich list.
The offer from Advent International appears to be for £200m
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