Towergate Financial launched, backed by RBS and Lloyds TSB
Towergate's finacial advisory business has launched, raising 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, Lloyds TSB Corporate Markets and Towergate management.
Towergate said it had identified the market opportunity to establish a well capitalised national IFA operating under a strong brand.
It aims to 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.
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 said: “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.”
Lexicon Partners acted as financial adviser to Towergate Financial in its capital raising.
