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Towry Law says it may sell if the offer is right

Acquisitive National IFA Towry Law is understood to be up for sale.

The company says it has not had any direct offers but it would put any approaches before shareholders.

Towry, which has a strong presence in the Far East, bought Hogg Robinson&#39s financial services subsidiary Advizas last year and recently acquired national IFA Hambro Fraser Smith for a knockdown price.

In March, it tried to use its increased distribution muscle to demand 10 per cent more commission from life offices but the move was rebuffed.

Towry Law made a profit of 3.1m last year, the highest since it floated in November 1993. It also opened new offices in Dubai and Tokyo last year to advise expats and has stated its intention to expand further internationally.

Analyst Ned Cazalet of Cazalet Financial Consulting says: “Now that its share price is better following the acquisitions, it may feel that it is a good time to sell.”

Towry Law managing director Miles Standish says: “It is always possible that companies will look at us because our shares are in the marketplace but we have had no formal approaches and no one appears to be building up a stake in our shares.

“If we believed that an offer would work on behalf of our shareholders, then we would consider it.”

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