Has Towry Dropped Flotation Plans?

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.