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Towergate to rebrand financial services firms

Towergate is rebranding the nine firms it took under its wing when its financial services arm folded in June.

The firms will trade as Towergate Financial from mid-October. The change applies to Albannach Financial Management, Macdonald Reid Scott, Towergate Financial Services, M2 Financial, TF Bell, Woodgates Financial Services, Paramount Group, Towergate Russell Plaice and Smith Blamires. A spokeswoman says: “We are harmonising these nine brands to Towergate Financial. We have consulted with each of our businesses on the matter. This will enable us to work more closely with the Towergate family of companies.”

Towergate Financial Services Intermediate went into administration in June. Towergate Partnerships announced the financial services arm had been “scaled back” and moved into a division of the group.

Towergate Financial Services Intermediate was established 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 by the end of 2008. It acquired nine companies and an additional book of business.

The firm says it is still on the acquisition trail but will not reveal whether it is currently in talks with potential targets.

Regional managing director for the East, Mark Howard has left the firm and is replaced by M2 commercial director Paul Chafer. The firm would not reveal the reason for Howard’s departure.

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