Towergate Finance PLC (07217267): administration
- Status
- Administration ended
- Administration began
- 2015-04-02
- Administrators
- Neville Barry Khan, Ian Colin Wormleighton, Nicholas Guy Edwards
- Administrators' firm
- Deloitte
- Formerly
- Towergate Holdings III PLC
- Incorporated
- 2010-04-08
- Location
- London
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
- Credit insurance / supplier credit withdrawn
From the administrators' statement
*® The Company is part of the Towergate Group (“the Group”), which operates a number of insurance intermediary businesses, in particular broking, underwnting and claims handling Until the Transaction, the Company was a holding company and principal borrower or issuer of debt finance for the Group The Company was also the sole shareholder of TIL, which in turn was the shareholder of numerous trading entities which comprised the Group
• Launched tn 1997, the Group ts the UK’s largest independently owned insurance intermediary, generating more than £3 billion of pro forma gross written premium across (ts companies and employing over 5,000 people across more than 100 UK offices
• As descnbed above, the Company was principal borrower or issuer of the Group, in respect of the following
Administrators' statement of proposals (2015-05-12) · Companies House register