Towergate makes 2015 loss following restructuring

UK broker aggregator Towergate fell to an Ebitda loss of
£34.6mn ($49.5mn) in 2015 after a year of major restructuring.
In 2014, the firm made an Ebitda profit of £32.9mn.
Financial restructuring at the company resulted in costs of
£41.2mn for the year, more than four times the costs booked
for restructuring in 2014.
The group completed the reforms in April. The transaction saw
Finco, a new holding company, acquire Towergate Insurance Limited
under indirect parent company Topco