Towergate broking target increases profits

Towergate target Norwich & Peterborough Insurance Brokers (NPIB) showed an improvement in its 2011 accounts.

Turnover increased to £5m in 2011 (2010: £451, 998) and pre-tax profits rose to £1.76m (2010: £1.65m).

Shareholders’ funds stand at £7.7m (2010: £6.4m).

Towergate has entered a period of exclusivity to buy the business. A deal is expected to be completed next month.