Kent-based insurance entrepreneur Peter Cullum has snapped up one of the country’s most high-profile mortgage advisors.

Towergate Financial, the financial advisory arm of the Towergate Partnership, based in Maidstone, has bought John Charcol, an independent mortgage advisory business frequently quoted in the national media.

All Charcol staff and directors will switch to Towergate Financial and be based mainly in London.

The acquisition fits with Towergate Financial’s aim of establishing a mortgage advisory service for wealthy individuals, as well as private clients and businesses. The firm employs more than 100 financial planners and advisers and has acquired 11 businesses in the past two years.

The Towergate Partnership has become Europe’s largest independently owned insurance broker.

It was founded by Peter Cullum, who lives in Sevenoaks, in 1997. His growth strategy has involved the acquisition of more than 160 broking firms and underwriting agencies. It specialises in niche areas of insurance, with total income of £318m and gross written premiums of £2.5billion.

The group employs around 4,500 staff in 100 offices nationwide, with its HQ in Towergate House, Eclipse Park.

Mr Cullum, the group’s executive chairman, said: "This is another great acquisition for Towergate which fits our strategy of brand leadership in our specialist fields.

We already boast the number one network, software and payment protection propositions in addition to leading high net worth general insurance businesses ranging from aviation to medical practitioners.

John Charcol is undoubtedly the leading brand in the high net worth space and is a business which has built a strong reputation for expertise and arranging mortgages for wealthy individuals."

John Garfield, Charcol’s chief executive, added: "Joining forces with the team at Towergate Financial will provide our business and people excellent opportunities to work with Towergate’s businesses to our mutual benefit and to thrive in what is a very exciting time for the mortgage market."