LOSS-making Towergate Insurance group, which employs 60 people in Poole, is considering offers for the business.

The company, which made pre-tax losses of £112.7m in the year up to September 30, has received approaches from potential buyers.

It has appointed Evercore and Rothschild as joint advisers to help evaluate the proposal.

Alastair Lyons, interim executive chairman of Towergate, said: “Towergate is a unique asset for someone to own in this industry.

“The approaches we have received underline this and are testament to the group’s strength in its primary markets. Whilst there can be no certainty that these approaches will result in a sale, it is our responsibility as a board to evaluate them thoroughly.”

An interim management statement showed income was down one per cent to £328.5m, operating earnings were down 14 per cent to £95.9m and operating cash flow was down 22 per cent to £66.5m.

The company said it was continuing to implement a group-wide change programme which would deliver ‘significant and performance benefits’ in 2015-16.

Towergate’s office at Towergate House in Upton Road, Poole, employs around 60 people including those in broking, underwriting, facilities and accounts.

Roger Williams, president of Poole Chamber of Trade and Commerce, said: “Once again a business with significant local presence is facing issues of international pressure which can’t be avoided.

“Hopefully, the business will be sold and jobs will be retained here and in Towergate’s other business units.

“However, it’s an unsettling issue for people to have to deal with approaching the festive season but the outcome remains out of their hands unfortunately.”

Towergate said the reduction in its earnings before tax reflected the impact of its change programme on insurance brokers, as well as historic income items that improved last year’s results.

Mr Lyons added: “The change programme under way at Towergate is designed to substantially reshape the business, simplifying, standardising and modernising the way we do things.

“Whilst implementation of these changes is taking longer than expected, they will position the business for future organic growth and the delivery of significant efficiency gains.

“Given the extent of change taking place, particularly in insurance brokers, it is inevitable that there will be disruption to business as usual and a consequent downturn in trading as we transition to a new model.”