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Towry stock exchange float still on the cards

Market rumours that advisory firm Towry has scrapped its plans to float have been dismissed as “market speculation”, its spokesman has said.

“It is market speculation and we do not comment on speculation,” the firm stated when asked if it had abandoned, or postponed, its intention to float on the London Stock Exchange.

In June, it was reported the firm could be about to revisit its plans to list, three years after its then chief executive Andrew Fisher said it was targeting an IPO within 18 months.

“Towry would look to the next stage of its development at the appropriate time,” the spokesman said.

However, following a deal with private equity backer Palamon Capital Partners, which raised £35m for Towry’s acquisition and expansion plans, Mr Fisher said in December 2012 that a float in the near future was unlikely.

According to the Financial Times, Palamon hired Evercore to earmark potential investors, with the claim that is set to sell its stake in Towry in early 2016, in what could be a £600m sale.

Background

Towry has seen a period of acquisition activity and office opening across the UK in the past year.

Purchases included the assets of Baker Tilly’s private client financial advice and investment management business, RSM Tenon Financial Advice in April 2014, which saw the addition of more than 4,500 private clients and more than £1.5bn of client assets.

In May, it bought London-headquartered Ashcourt Rowan for £120m, with plans to roll out a full advice proposition later in the year.