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Towry buys Deverill Black & Co from Lighthouse for £0.5m

Lighthouse has sold its 50.1 per cent holding in subsidiary and AR firm Deverill Black & Company to Towry for £500,000.

It has also notified the stock exchange that group risk director and board member Mark Ross has resigned with effect from 31 March 2014. Ross was appointed to the board in 2009.

Lighthouse says it concluded the holding in Bristol-based Deverill Black was not strategic in nature and decided to sell its stake for £501,000 before costs.

In its 2012 accounts Deverill Black showed a pre-tax profit of £44,173 and net assets of £152,891.

Towry head of wealth advice Andy Cowan says: “It is fantastic news to bring Iain Black and his team to Towry. We have a strong desire to bring outstanding professionals into our firm and we welcome the Deverill Black team and look forward to advising their clients on the full range of Towry products and services.”

Deverill Black director Iain Black says: “Following recent regulatory changes affecting the industry, we recognised that it would be in the best interests of our business and clients to find an extensive wealth management offering for the long-term future.

“Towry very much fits the bill, as a leading wealth management firm who will offer an excellent proposition to our clients through their financial planning and investment management capabilities.”

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