Towergate on acquisition trail for mortgage firms
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Towergate Financial has revealed that it is actively looking to acquire financial planning and mortgage broking businesses.
The firm says it has substantial funds for future purchases, backed by recent investment into Towergate Insurance from Advent International.
It has today announced that it has appointed Warren Page as chief operating officer.
He joins from Origen Financial Services where he has been director of client services since July 2008.
Dan Saulter, chief executive of Towergate Financial, says “We are entering a very important stage in the development of our business, and to attract someone of Warren’s calibre to lead our financial planning arm speaks volumes for our plans.
“We are actively looking for new advisers and to acquire good businesses to help grow the company. With Warren’s experience in running a national operation I am confident we can continue to grow quickly.”
Separately, Towergate Financial has promoted Paul Chafer, previously director of strategic accounts to the new role of corporate development director.
Reporting to Saulter, his brief will be to continue to find and deliver corporate projects and major distribution opportunities.
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Readers' comments (2)
Raj Balloo | 5 Dec 2011 1:38 pm
Towergate's loss over the last 6 years indicates there is no scope to convert loss into profits over the next 5-10 years due to current economic crisis.
The funds available to acquire new businesss or expand its operations should be either used to hedge its mounting loss or review the various risks the company is exposed to.
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Innocent Bystander | 6 Dec 2011 2:01 pm
Nothing to do with the fact that mortgage proc fees are outside of the RDR then!
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