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.”