Broker may raise money for further acquisitons.
Towergate is renegotiating its covenants with its banks, led by HBOS and Lloyds TSB.
The negotiation is believed to be happening for technical reasons, with a view to expanding Towergate’s acquisition war chest. Towergate has a £580m facility led by HBOS and Lloyds TSB.
The broker declined to comment.
