Towergate's chairman Peter Cullum has been downplaying rumours that the insurance brokerage is to be sold. According to Mr Cullum, who also owns a 65% stake in the business, there have been no firm offers nor any due diligence requests. Preliminary approaches, particularly driven by investment banks, are common for the business Mr Cullum said, and the company's plan to look at an IPO in two to three years' time remains. He did however confirm that Lexicon Partners had been retained to consider any proposals, but there was so far nothing definitive to consider. The estimated asking price of £3bn has also come under criticism, with Cullum stating that as no complex look has been taken into the business by any party, the figure was 'spurious', and added that a "knock-out offer" worth considering would need to be higher, despite industry sources believing it would be a high price to pay for the business.