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Towry eyes Baker Tilly advice arm acquisition

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Towry’s new boss Rob Devey

Towry is in talks to acquire the advice arm of Baker Tilly, Money Marketing can reveal. 

Accountancy firm Baker Tilly acquired RSM Tenon, an accounting, advice and employee benefits firm in September 2013 shortly after it entered administration. 

All three divisions of RSM Tenon were later rebranded under the Baker Tilly name. Baker Tilly has been keen to offload the advice and employee benefits divisions and Money Marketing also understands that EB specialist Arthur J. Gallagher is close to acquiring the employee benefits arm.

Baker Tilly has sold its advice business to Towry before. In 2007, the then JS&P Towry Law acquired Baker Tilly Financial Services for £9.5m.

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Fisher recently left the firm but retains a significant shareholding.

Arthur J. Gallagher, the US parent of UK business Gallagher Employee Benefits, acquired the Oval Group for £199m earlier this month. 

Towry recently appointed Rob Devey as chief executive, with the former Pru boss replacing outgoing chief executive Andrew Fisher (pictured). 

Baker Tilly, Towry and Gallagher declined to comment. 

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