Towergate posts £10m loss
Towergate has revealed a loss before tax of £9.9m for the first half of 2013.
The loss, distinct from the figures in its quarterly bond holder report, was caused by the impact of writing off £14m of loan fees from a previous debt structure, according to the consolidator.
In May the company completed a £396m bond offering.
Gross written premiums for the business were stable at £1.58bn (H1 2012: £1.56bn) while income rose 3% to £225m in the first half of 2013.
Breaking the income figures down by division, Towergate delivered a 6% increase in half-year figures for retail to
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