Towry courts £600m sale as float plans dumped

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The owners of independent advice firm Towry have brought forward plans for a sale, according to reports, quashing expectations of a stock market float for now.

Palamon Capital Partners has brought in bankers at Evercore to find new investors, sources told the Sunday Times, and is expected to offload Towry early next year. Bids are due before Christmas.

A sale would mean Towry's 900 employees - including advisers - would receive a windfall, as they each hold shares in the company alongside Palamon.

The decision follows talks about a stock market float, and the adviser could still be listed if the sale talks fail, City sources told the Sunday Times. Palamon declined to comment.

Towry serves more than 25,000 clients across Britain. It has offices in Belfast, Edinburgh and London, and manages more than £9.2bn.

It recorded earnings before interest and tax of £23.9m last year and it says earnings have grown by 18% a year in the past five years. City sources have estimated that it could be worth about £600m.

Towry's owners have tried to sell the business for several years.

Five years ago, they appointed STJ Advisors to work on a float and launched a beauty parade to choose investment banks, before abandoning the plans.

Since then, Towry has been on the acquisition trail. Last year it bought accountancy firm Baker Tilly's financial advice arm, and it acquired rival Ashcourt Rowan for £97m this year.

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