Insurance broker Towergate has refused to comment on reports that an aggressive American firm has launched a bid for its control.

The company, which handles more than £3bn worth of premiums every year, was put up for sale in November after building up debts of about £1bn.

New York-based Apollo, a £164bn private equity firm, is said to have launched a bid to take over the Maidstone-based business, according to The Sunday Times.

However, a spokesman for the insurance broker said this week it would not comment on rumour or speculation.

Towergate, based at Eclipse Park on the Sittingbourne Road in Maidstone, employs some 5,000 people at more than 100 offices across the UK, including Sevenoaks and Whitstable.

The sale is said to have attracted a number of potential buyers, reportedly including founder Peter Cullum, the firm's non-executive deputy chairman.

The business revealed a drop in income of £328.5m in the nine months to the end of September.