Is Towry planning a stock market flotation?
A story in The Sunday Times said that the financial planner, wealth advice and investment management group was reviving plans to float on the London Stock Exchange. The newspaper quoted sources who said that the flotation could be worth between £600m and £800m.
It’s claimed that the push for a listing is coming from Towry’s backer, Palamon Capital Partners, who is meeting potential advisers says the story.
Managing over £6bn in assets, Towry announced revenues of £91.3m in 2014.
Towry told IFA Magazine: “Following the acquisition of Ashcourt Rowan earlier this year, our focus remains on looking after our clients and integrating the two businesses into a single stronger Group.
“We have a fully supportive shareholder, and Towry will look to the next stage of its development at the appropriate time when all strategic options will be reviewed.”