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Towergate Financial, a new financial advisory business launched
under the Towergate brand, today announces that it has raised over
£100 million to pursue its plans to acquire regional IFAs. Funding
for the deal has largely been provided by The Royal Bank of
Scotland (“RBS”), Lloyds TSB Corporate Markets and Towergate
management.
Towergate has identified the market opportunity to establish a
well capitalised National IFA operating under a strong brand.
Chaired by Patrick Snowball, Towergate Financial will use
Towergate’s significant acquisition experience and brand to develop
a strong regionally based adviser that compliments the services
currently provided to Towergate’s existing customers. Towergate
Financial will provide customers with ongoing advice from high
quality advisers who will be supported by market leading technology
and expert investment research.
Managed by an experienced management team, specifically
recruited for their sector knowledge and expertise, Towergate
Financial will use its scale and centralised compliance,
administration and product expertise to provide excellent ongoing
financial advice to customers.
Patrick Snowball, Chairman of Towergate Financial, said: “I am
delighted to announce the launch of Towergate Financial. The UK
personal financial services market has very attractive long-term
growth prospects and represents an exciting area in which to
develop the Towergate brand. We have assembled a high quality
management team which is passionate about building an advisory
business to be at the very forefront of this industry.”
Peter Cullum, Executive Chairman of Towergate Partnership, said:
“It is exciting to see Towergate Financial become the latest
addition to the family. Our culture is based on doing things
differently and today we are launching a vision for the future of
specialist personal financial services. We will give Patrick
Snowball and the team all the support they need to develop
Towergate Financial into the leading UK personal finance advisory
firm.”
Jim Freeman, Relationship Director in the Financial Institutions
Group at RBS commented: “We are pleased to be involved in such an
exciting venture. Despite the challenging economic environment the
bank’s appetite to support well structured business plans supported
by strong management teams, such as that displayed by Towergate
Financial, remains undiminished. We look forward to working with
the Towergate Financial team to achieve their future growth plans
as they expand the business across the UK.”
Bill Cooper, Managing Director, Financial Institutions at Lloyds
TSB Corporate Markets, said “Supporting our customers as they
develop their businesses is core to our long term relationship
banking proposition and we are thrilled to be able to support
Patrick Snowball and his team as they launch their new venture as
part of the Towergate family of businesses”.
Lexicon Partners acted as financial adviser to Towergate Financial
in its capital raising.
Media Contacts
Russell O'Connor
Group Communications Manager
Towergate
Tel: 01622 656782
Mobile: 07760 282586
Email: Russell.o'connor@towergate.co.uk
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