Towry scraps float plans for quick sale

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National advice firm Towry has abandoned plans to float on the stock market in favour of a sale in the new year.

In June, private equity backer Palamon Capital Partners met with advisers to discuss a listing but has since hired investment bank Evercore to find new investors.

It is expected Palamon will sell its stake early next year with bids due before Christmas, however a float could still be on the table if the sale fails, the Sunday Times reports.

The firm is thought to be worth around £600m.

Palamon has expanded the firm through acquisition, mostly recently in the takeover of wealth manager Ashcourt Rowan for £120m in March 2015.

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

The firm employs around 900 people, of which around 180 are advisers, and has 25,000 clients. All staff members are given shares in the firm “shortly after joining”.