Towegate denies reports that the company could be up for sale

?Towergate has strenuously denied reports that the company could be sold to a private equity firm.

According to reports in the weekend papers, Towergate has received approaches from a number of private equity businesses, including Candover and Blackstone, with a £3bn price tag on the company as a whole.

But a spokesman for Towergate insisted that the company was not for sale and that it was not in discussions that could lead to an offer. “It is without foundation. We get a lot of inquiries from potential investors, but that doesn’t mean we are selling.”

Recent weeks has seen feverish speculation about Towergate’s future, following the announcement that Aviva executive director Patrick Snowball was to join as deputy chairman.

Speculation has included talk that Towergate was gearing up for an imminent flotation, a sale or even an audacious acquisition of a major insurer.