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Towergate Financial, the financial advisory business of the Towergate Partnership, has bought mortgage broker John Charcol within days of it going into administration last week.

Insurance intermediary Towergate confirmed it bought Charcol from administrators Grant Thornton who contacted Towergate to make an offer. Charcol had debts of GBP7m, according to its annual report. The buy out includes the entire firm, 100 staff, the customer base London office and the John Charcol brand, with responsibility for its liabilities still unconfirmed.

John Charcol CEO John Garfield will work closely with Towergate Financial CEO Ian Darby to grow the business alongside his current management team, confirmed Towergate.

The buy up is part of Towergate's strategy is to establish a high net worth mortgage advisory proposition to complement its private client and corporate solutions businesses, it said.

Towergate Financial is part of Towergate Partnership, Europe’s largest independently owned insurance intermediary. Since their integration in 2009, it said Towergate Financial has made good progress in building its business, acquiring teams, and working closely with Towergate’s general insurance businesses, which includes a number of specialist underwriting agencies, regional brokers and a wide range of specialist niches.

Towergate Financial attaches great importance to the skills and experience of the advisers and staff of John Charcol and believes that they will be vital for the continuing success of the business.
 
Towergate Executive Chairman, Peter Cullum said: “This is another great acquisition for Towergate which fits our strategy of brand leadership in our specialist fields.  We already boast the number one network, software and payment protection propositions in addition to leading high net worth general insurance businesses ranging from aviation to medical practitioners.  John Charcol is undoubtedly the leading brand in the high net worth space and is a business that has built a strong reputation for expertise and arranging mortgages for wealthy individuals. The combination of these two businesses will form an unrivalled capability in the specialist high net worth market”.

Towergate Financial is the financial advisory business of Towergate Partnership.  The firm has more than 100 financial planners and advisers and has acquired 11 businesses in the past two years. Towergate Partnership is Europe’s largest independently owned insurance intermediary.  Since being founded in 1997 the business has acquired over 160 underwriting and broking firms and now employs over 4500 staff across 100 UK offices.

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