Towergate may be looking to buy John Charcol

Insurance giant Towergate is believed to have earmarked John Charcol as a potential acquisition target and is thought to be looking to buy the brokerage.

John Charcol was reportedly put up for sale at the start of 2008 with a £50m price tag.

Towergate has made no secret of its desire to expand its IFA network and raised over £100m in 2008 to pursue regional companies.

It has also emerged that a separate company, John Charcol 2010, has been listed on Companies House.

The firm was incorporated on February 2 and its certificate of incorporation lists Tracy Lee Plimmer as company director.

The certificate makes no mention of John Charcol’s original founders John Garfield and Charles Wishart, who backed a management-led consortium in December 2004 four years after the firm was bought by Bradford & Bingley.

Towergate and John Charcol both declined to comment on a possible sale, and John Charcol further declined to comment on the set-up of John Charcol 2010.