Towry prepares for stock market listing
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Source: Michael Walter/Troika
Towry group chief executive Andrew Fisher has hired STJ Advisors to prepare the firm for a float.
The Sunday Times reports that Towry could be valued at up to £500m, qualifying it for the FTSE 250 and valuing Andrew Fisher’s stake in the company at £100m.
Fisher (pictured) told the paper that valuation “feels a bit light” but added that he had no intention to sell any of his 20 per cent stake were the firm to be listed.
Last year Towry made a profit of £6.4m and currently has £4bn under management.
Towry announced last week that it was closing the accounts of its 6,000 smallest customers with less than £5,000 in assets, saying the service it offers those clients is not cost-effective.
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Readers' comments (2)
Mr Smug | 8 Nov 2010 9:42 am
I'd imagine this would be a very good investment and can't wait to buy shares.
After all, look at all the other successful big IFA's, Millfield, Park Row etc.
And Towry seem so well run. I've always felt that Andrew Fisher speaks such sense when he spouts off about things like trail commission.
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Adam Smith | 8 Nov 2010 10:07 am
I can't wait to read the prospectus for this one...
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