High profile mortgage advice company, John Charcol, has been bought by Towergate Financial, the financial advice arm of the Towergate Partnership. The sale was announced yesterday, only a day after the struggling mortgage broker went into administration.
It has been reported that, under the terms of the deal, Charcol's 100 staff and directors will move to Towergate Financial and will be based, for the most part, in London.
Towergate was set up in 1997 by Peter Cullum, the group's executive chairman, and specialises in niche insurance business. Its headquarters are in Kent but its 4,500 employees are based in around 100 offices throughout the UK. The company has a turnover of £318m.
Towergate's acquisition ties in with its objective to establish a mortgage advice service for wealthy individuals as well as corporate clients. It has already purchased over 150 broking firms and underwriting agencies.
Mr Cullen said: "This is another great acquisition for Towergate which fits our strategy of brand leadership in our specialist fields."
There is a certain amount of controversy surrounding the sale as it involved a pre-pack process, which will mean that although more than 100 jobs will be saved, John Charcol's creditors will be out of pocket.
Information has not been released on how much Towergate paid for the company but it is believed to be a nominal sum. 
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