Towry, a UK-based investment management company, has raised nearly £70m through a financial agreement to fund its expansion.
The latest facility funded by GE Capital, HSBC and RBS is also expected to reduce the company’s capital costs. Further, the fund has already been used to facilitate the company’s acquisition of financial advice and investment management business of Baker Tilly earlier in late-April 2014.
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Towry chief executive Rob Devey said that the agreement strengthens the firm’s strategy of acquiring wealth management firms through new lending relationships and additional finance.
"Since the start of 2013, Towry has acquired six companies, and we continue to have secure financial backing to complete future deals," added Devey.
Towry has also announced 14.4% growth in assets to £5.6bn, with operating profit remaining flat at £11.8m over the last 12 months.
The firm has also paid £2m in exceptional regulatory costs, including a review of its processes, citing responses to the FCA on various regulatory matters.
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By GlobalDataTowry spokesman said: "With regards to regulatory costs, like many firms in our industry, we have reviewed our processes and ensured that we have historically done the right thing for our clients and where necessary, taken action."
