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Towergate has taken over 115 broker companies in the last 10 years

General insurance giant Towergate is setting up a mortgage broker and IFA consolidating firm which will be headed by Paymentshield chief executive Stuart Pender.

Towergate bought Paymentshield last November for pound 180m and has an aggressive strategy of buying general insurance brokerages, snapping up over 115 firms since its launch in 1997.