It’s being reported that Towry has dropped plans to float on the London Stock Exchange.
A story in The Sunday Times said that Towry’s owners, private equity group Palamon Capital Partners, has brought in advisers to help find new investors and arrange a sale early in the new year.
The report also said that should a sale not take place, then the float could still go ahead. It’s reckoned that Towry is worth around £600m, according to City estimates.
Towry is one of the UK’s largest IFA firms and has over £9bn under management. It has had a busy year, acquiring Ashcourt Rowan and Baker Tilly’s financial arm.
IFA Magazine contacted Towry, but the press office said that they did not comment on speculation.
News post originally posted in IFA Magazine (www.ifamagazine.com)
