Cullum to sell quarter of business to Candover, newspaper claims
Towergate chairman Peter Cullum is in talks to sell a quarter of the company's business, according to reports.
The Sunday Times said yesterday that Cullum, who owns 70 per cent of the company he co-founded ten years ago, was preparing to sell a stake worth £850m to private equity group, Candover. The report claims that some of the proceeds from the sale would be distributed among senior staff, with the rest being invested in the £3bn-valued group.
Towergate said that discussions with Candover were at a preliminary stage.
The company is in the midst of a refinancing operation that will see its debts consolidated into a package valued at around £1bn.
Should the sale go ahead, it is believed the company would plan to float on the London stock market within three years.
Meanwhile, the company completed its 143th acquisition with the purchase of Leicester based TF Bell.