Plan to sell stake to private equity firm called off

Peter Cullum has abandoned plans to sell a 25% stake in Towergate to private equity firm Candover, it was reported this week.

The talks, which would have seen Towergate net some £800m, were believed to have collapsed because the two parties disagreed over Towergate’s projected earning.

Cullum, who chairs Towergate, owns 65% of the company. Other senior staff, including chief executive Andy Homer, own 22% between them. Reports linked the stalling of the deal with the credit crunch, which has made private equity funding less readily available.

Towergate declined to comment.