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Towry set to close Norwich office

Towry is consulting on closing down its Norwich office and moving all its East Anglia operations to its Cambridge branch.

The firm informed employees yesterday that it is looking to merge the offices with a final decisison to be made next month.

There are 12 staff at the office with four advisers and eight non-advisory roles. Towry would not confirm whether there would be any role reductions as a result of the consultation.

A Towry spokeswoman says: “Towry is currently considering consolidating its East Anglia presence into one more central office in Cambridge. We remain committed to retaining a strong presence in East Anglia, however, we believe that Cambridge is a better base from which to serve clients and develop our business further in this region. A final decision will be made in early May, following a consultation period.”

Towry says it is also consulting on the closure of its Londonderry office which has led to the retirement of its sole Londonderry wealth adviser Tom Leonard.

The firm says it is considering consolidating its Londonderry and Belfast offices. Alongside Leonard, there are six non-advisory roles. Towry would not confirm whether there would be any role reductions.


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There are 4 comments at the moment, we would love to hear your opinion too.

  1. Methinks they are preparing for a shrinking of investment business and looking to reduce costs as the prospect of increasing their revenues after RDR is implemented look very bleak, there are not enough wealthy people available to sustain the current level of IFA firms.

    “Unintended consequence of RDR?”

    NO ! Intended all along, get rid of these pesky IFAs and give it all to banks and direct providers

  2. If any of the threatened support staff affected by this move want to come to Bury St Edmunds, PageRussell have a paraplanner vacancy at the moment:

    Every cloud has a silver lining.

  3. Another day. Another RDR rant from Ned Naylor, Yawn.

  4. Towry’s position is already to show all of their fees upfront, so how does the RDR effect them?

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