Towry revives plans to float


National advice firm Towry is reconsidering a plan to float on the stockmarket, with insiders valuing the company at up to £800m.

In 2013 Towry put its listing on ice after raising enough money through private investors, but has made a flurry of acquisitions since then.

Private equity backer Palamon Capital Partners has met with its advisers in recent weeks to discuss a float, the Sunday Times reports.

City analysts put a listing at between £600m and £800m.

Palamon has expanded the firm through acquisition, mostly recently in the takeover of wealth manager Ashcourt Rowan for £120m in March.

In 2013, it bought Bluefin Personal Consulting from Axa, and in 2014 it announced a £70m refinancing deal to fund further acquisitions.

Former Prudential UK chief Rob Devey was appointed chief executive in April 2014, replacing Andrew Fisher after eight years in the role.

Revenues grew 10.8 per cent to a record £91.3m over 2014, however pre-tax profits were down 56 per cent, from £9.8m to £4.3m year-on-year, Towry’s annual report showed.

The firm employs 750, of which around 180 are advisers, and has 25,000 clients. All staff members are given shares in the firm “shortly after joining”.

A Towry spokesman says: “Following the acquisition of Ashcourt Rowan earlier this year, our focus remains on looking after our clients and integrating the two businesses into a single stronger Group.

“We have a fully supportive shareholder, and Towry will look to the next stage of its development at the appropriate time when all strategic options will be reviewed.”