Towry drops floatation plans

Only a week ago we were questioning if rumours of Towry’s plan to float were going to be dropped in favour of a full disposal and now a source close to the Sunday Times has confirmed this is the plan.

Palamon Capital Partners are reported to have brought in Evercore to represent Towry and with bids due in for the business before Christmas preparations for a sale are well underway.
This isn’t the first attempt for Towry’s owners to sell the business – 5 years ago they recruited STJ Advisors to work on a floatation, but abandoned plans before an investment bank was appointed.
Towry, which has offices in Belfast, Edinburgh and London, manages more than £9.2bn.on behalf of more than 25,000 clients.
Towry state their earnings have grown on average 18% annually over the last 5 years, and some City sources have estimated that it could be worth about £600m.
However according to a City source reported in the Sunday Times, a floatation is not completed off the table, and could be revisited should a suitable acquirer not be found.  Palamon declined to comment.