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Towergate raises £100m to buy IFAs

Towergate Financial, the financial advisory arm of Towergate, has raised over £100m as part of its plan to continue to acquire regional IFAs.

Funding for the deal has been provided by Royal Bank of Scotland, Lloyds TSB Corporate Markets and Towergate’s management.

Lead by Towergate Financial chairman Patrick Snowball, Towergate Financial will develop a strong regionally based adviser than compliments the services currently provided to Towergate’s existing customers.

Snowball says: “I am delighted to announce the
launch of Towergate Financial. The UK personal financial services market has very attractive long-term growth prospects and represents an exciting area in which to develop the Towergate brand. We have assembled a high quality management team which is passionate about building an advisory business to be at the very forefront of this industry.”

Towergate Partnership executive chairman Peter Cullum says: “It is exciting to see Towergate Financial become the latest addition to the family. Our culture is based on doing things differently and today we are launching a vision for the future of specialist personal financial services. We will give Patrick Snowball and the team all the support they need to develop Towergate Financial into the leading UK personal finance advisory firm.”

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