Towergate buys has been bought by Towergate for an undisclosed sum. managing director Simon Burgess says Towergate was the clear winner from a number of suitors who were circling the firm. He says: "Towergate is a class act and of the choices we concluded it was the most professionally run company."

The deal will not affect the running of the insurance firm which specialises in payment protection insurance.

Towergate is the largest independently owned insurance broker in Europe.

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