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Towry looks to revive IPO bid

Towry is looking revive its flotation bid in the next 18 months if markets become less volatile.

Towry chief executive Andrew Fisher told the Financial Times that Palamon, the US private equity group that has held a controlling stake in the company for nine years, is keen to exit the investment when it becomes possible.

In 2010, Towry said it wished to float the following year but it was forced to postpone due to market volatility.

Speaking to the FT, Fisher says: “We will be doing a float at some stage.” Fisher said the benefits of floating would be increased publicity and the ability to use the firm’s shares to complete acquisitions.

Towry hit the headlines last month after it lost its High Court case against Raymond James and seven former Edward Jones advisers. Towry alleged the advisers had breached non-solicitation clauses in their contracts after 388 clients with assets totalling £33m transferred to Raymond James.

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