Towry website
Wealth advisory firm Towry has signed a £70m financing agreement to reduce the cost of its capital as well as securing additional funding for its expansion plans.
The firm has agreed a combined refinancing and new acquisition facility package arranged by GE Capital, HSBC and RBS.
The new facilities have already supported Towry's agreement to acquire the assets of Baker Tilly's private client financial advice and investment management business, announced on 29 April.
Rob Devey, chief executive of Towry, which provides personal financial advice and investment management services to private individuals, families and trustees, said: "This agreement brings us excellent new lending relationships and additional finance, which further strengthens Towry's strategy of acquiring wealth management firms that we see as a strong fit with the existing business.
"Since the start of 2013, Towry has acquired six companies, and we continue to have secure financial backing to complete future deals."
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Mr Devey, formerly chief executive of Prudential UK & Europe, has recently taken over from Andrew Fisher. It was announced in April Mr Fisher was leaving.
The firm showed assets under management up 14.4% to £5.6bn in its financial results last month.
Towry employs approximately 750 people in 20 offices across the United Kingdom, managing £5.6 billion of client assets.
