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Towergate scales back on IFA buys

Towergate Financial Services has scaled back its plans to rapidly build a national network of IFAs and has been folded into a division of Towergate Partnership Limited.

TFS was set up in January 2008 as a separate company to consolidate regional IFAs, and in July last year the firm had raised £100m to make 20 acquisitions.

But the firm, which has made 10 acquisitions, has conducted a strategic review and says it must change its approach due to tough market conditions.

Patrick Snowball will step down as TFS chairman while chief executive Ian Darby will continue in his current role initially, reporting to TPL chief executive Andy Homer.

A TPL spokesman says: “The business model and the ambitious plans we had are not appropriate for the climate we are in. We will continue to make controlled acquisitions but not at the same pace as before.”

TPL chairman Peter Cullum says: “The original Towergate Financial Services concept remains as valid as ever but, given current conditions, we must scale back the rate of growth.”

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