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Towergate to rebrand IFA firms

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

The firms currently trade under their own brands but will be rebranded and 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 can confirm we are harmonising these nine brands to Towergate Financial. It will be effective from mid-October. We have consulted with each of our businesses on the matter.

“This is fantastic news for our businesses and their clients and will enable us to work more closely with the Towergate family of companies.”

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

Towergate Financial Services Intermediate Limited 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.

The news comes after regional managing director for the east Mark Howard leaves the firm and is replaced by M2 commercial director Paul Chafer with immediate effect. The firm would not reveal the reason for Howard’s departure.

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