www.pinsentmasons.com/press/press/press20070928.aspx -
[Cached Version]
Published on: 9/28/2007
Last Visited: 11/25/2007
The business will be run as a separate entity under the Towergate Partnership umbrella and all of Open International's 300 plus staff will remain under the leadership of CEO, Phillip Bell, and his management team who will maintain their owner driver status by retaining an equity holding in the business going forward.
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Phillip Bell, Chief Executive of Open International, said: "We are delighted to have signed this agreement with Towergate.The opportunity to agree a deal with the UK's largest and most influential intermediary made sound business sense as it benefits all of our stakeholders.Open International has worked closely with Towergate for many years and we share a commitment to the broker market, product distribution and more importantly, an understanding of the wider market."
Andrew Masraf, commented: "We are delighted to have advised Phillip and his team on such an important transaction.