Peter Cullum pulls Towergate sale

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.

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