Towry agrees £70m refinancing package

Wealth manager Towry has agreed a £70m refinancing deal which will reduce its cost of capital and give it cash for acquisitions.

The package, which helped finance the group's acquisition of Baker Tilly's private client advice business last month, has been arranged by GE Capital, HSBC and RBS. Towry chief executive Rob Devey (pictured), who has replaced Andrew Fisher, 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." Towry's deal for Baker Tilly follows its buyout of Bluefin from Axa in November last year. It has acquired five businesse...