John Charcol is making a profit, says new owner

IAN DARBY
IAN DARBY WE CAN HELP THE FRIM DEVELOP

Towergate Financial last week revealed that its recent acquisition, brokerage John Charcol, is trading profitably and that it has four further deals in the pipeline.

At a press briefing Ian Darby, chief executive officer of Towergate, explained that before being taken over John Charcol had costs based on a business three times its size.

He says: “Without the property and IT costs the business was in reasonable shape.

“John Charcol is now trading profitably which is a relief to me – we needed to get it there fast.”

Darby says that the company is looking to recruit up to 20 advisers in the next 12 months.

He adds: “Towergate can cut John Charcol’s overheads and provide it with IT, human resources and financial support. We can also give it a good customer base, allowing it to cross-sell.”