Towry, which is being acquired by Tilney Bestinvest, has announced its full year results for 2015.
The wealth manager increased assets under management by 42% to £9.1bn (2014: £6.4bn) and increased revenues by 33% to a record £121.1m (2014: £91.3m). There was a 52% increase in EBITDA to £36.4m (2014: £24m). The operating profit stood at £4.2m (2014: £8.3m), which included £19.5m of acquisition and restructuring costs following the Ashcourt Rowan transaction.
Chief Executive Officer of Towry Rob Devey said: “2015 was a transformational year for the business as we continued to successfully execute our growth strategy. Not only did we deliver an eighth year of continued AUM growth but we also achieved record revenue and EBITDA figures. The successful acquisition and integration of Ashcourt Rowan played a key role in the year’s success, as it allowed us to significantly accelerate the development of the business and build a client proposition which puts us at the very forefront of the market.
“The recent announcement of the acquisition of Towry by Tilney Bestinvest is testament to our standing as one of the leading planning-led wealth management firms in the industry and moving forwards the combined business will be able to offer an ever wider range of services for clients on a national scale.
“It has been my privilege to lead the Towry business over the last 2 years during which time we have more than doubled profitability whilst driving strong improvements in client satisfaction. Under Peter Hall’s leadership I am confident the business will continue to thrive in what remains a highly fragmented market of significant opportunity.”