Towry set for expansion after £30m cash boost
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Towry Law has received a £30m cash injection from US investment firm Asset Management Finance to fund expansion.
AMF has provided mezzanine financing to Towry Law and chief executive Andrew Fisher has not ruled out further investment. He says: “We do not have an end goal in terms of numbers of advisers. Our systems and infrastructure could look after more than 1,000, we currently have 250. We are really looking for the opportunities that arise.”
Asked whether there may be further investment from AMF in Towry Law, Fisher replied: “There could easily be, yes.”
In November, Fisher told Money Marketing Towry was set for a £20m profit in 2009 and he remains confident in that projection. He says: “We are very much on track with those figures, it was a very good year for us.”
Towry Law has made nine acquisitions since 2003, including the UK operations of Edward Jones it bought for £1 last November. The company came with capital adequacy reserves, although Fisher will not disclose the sum.
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