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Towry raises £35m in financing deal

Andrew Fisher 480

Towry has raised £35m of new equity from specialist investment firms AlpInvest Partners and Honeywell Capital Management.

Towry says the investment will be used to accelerate acquisitions and adviser recruitment and comes in addition to £47.5m raised through Macquarie Bank and Royal Bank of Scotland in September.

Both AlpInvest and Honeywell are co-investors of Towry’s private equity parent Palamon Capital Partners.

Towry chief executive Andrew Fisher says: “We have exciting expansion plans as we see enormous opportunities arising from the RDR. The new capital raised gives us a solid base from which to execute our plans for further growth.”

Palamon partner Daan Knottenbelt says: “The support from such high calibre institutional investors is a testament to the strength of Towry’s business model, its track record and its tremendous growth potential. We are delighted to continue our work with Towry’s management as they continue to expand their presence in the UK wealth management sector.”

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. it beggars belief that people keep investing in the TL business

  2. Another good sales job done

  3. Obviously Towry set to acquire another bunch of unexpecting suckers to pillory. And no doubt they will take advantage of the new 45 day redundancy rules being brought in.
    As they will no longer be independent will the lottery keep them on is also another question I hope their backers have taken into account.
    On of the dearer poor quality propositions post RDR.despite the recent tweak in the charges.

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