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Towry shuts Plymouth branch in restructure

Towry Law is closing its Plymouth office and ending individual business at its Glasgow office.

The eight advisers who work from the Plymouth branch will work from home and report to the Bristol office.

Towry, which is part of Henderson Global Investors, has shut the personal finance arm of its Glasgow business to concentrate on the corporate market. The group is planning to trim its UK salesforce to 160, which will see two sales management roles lost.

In January, Towry reorganised its IFA, insurance broking and mortgage businesses into two divisions ahead of depolarisation – corporate market and individual clients.

The shake-up in the UK follows Towry Law International closing for new business in June. The move came after threats of legal action from investors in Cyprus, the Middle East and Asia who claim they were missold hedge funds and geared with-profits policies by the firm.

Money Marketing revealed in May that TLI could face liabilities of up to £300m as a result of sales of hedge funds and with-profits policies.

Towry Law spokeswoman Fiona Cornes says: “Part of the restructuring is cost management. These days, this is a high priority for any organisation. We are making sure that the business model we have is going to be the right one for the 2005 marketplace after the menu is brought in and the changes we have implemented will help considerably.”

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