Peter Cullum pulls Towergate sale

Monday, 31st March 2008 by Matthew Rock & Real Deals

Entrepreneur behind insurance broking giant backs off sale to Candover.

The founder of Towergate, Peter Cullum, is understood to have cancelled the sale of a 25 per cent stake in the insurance broker to Candover.

Candover had been interested in acquiring the shareholding, valued at an estimated £850m (€1.08bn), ahead of the company's proposed flotation.

Talks are believed to have collapsed last week amid concerns over the availability of funding.