Wealth managers merge in £600 million deal

Thu, 07 Apr 2016 | MERGER

Tilney Bestinvest has snapped up rival company Towry in a £600 million deal that will see the new joint venture form the largest wealth management firm in Scotland.

Currently, Tilney Bestinvest employs around 55 staff in Scotland, while Towry, which has a stronger presence in the country, employs around 70. Tilney Bestinvest will acquire its rival Towry from the company’s majority shareholder Palamon Capital Partners and has issued a statement saying the new company will create "one of the leading UK wealth management firms offering clients award-winning investment management alongside highly skilled financial planning on a national scale”.

The newly combined company will have an estimated £20 billion of assets under its wealth management services, which could be an important factor in helping it ride the storms of regulation and compliance costs.

Jason Hollands, managing director at Tilney Bestinvest, said of the deal: “Scale in central support functions such as operations, IT and compliance will better enable us to service clients. It should also help us get access to the lowest cost share classes when investing our clients’ assets.”

However, according to The Daily Telegraph, there are questions over whether Tilney Bestinvest had paid too much for Towry. For example, Eamonn Flanagan, an analyst at Shore Capital, said: “[The price] certainly would have been justified at some point given the progress the management have done with Towry. But it just feels a bit rich to me.”

For more information on mergers and acquisitions, see the series of guides on Post Merger Integration.


Share this article



Latest Businesses for Sale

IT Infrastructure Solutions
London, South East, UK

An award-winning company with an excellent reputation within the industry. Reputation in the market for high-quality, state-of-the-art tailored products and services. Offers invited.

Asking Price: Offers Invited
Turnover: £3,600,000

Cyber Security Systems
South of England, UK Wide

Provider of in-depth cyber security consultancy and solutions with ten years' experience within the industry. Offers invited.

Asking Price: Offers Invited
Turnover: £1,800,000

Graphic, Print & Web Design
South of England, UK Wide

Multi-discipline design agency creating bespoke literature including brochures, catalogues, newsletters & prospectuses, as well as designing clients’ websites, alongside e-commerce solutions. Offers invited.

Asking Price: Offers Invited
Turnover: £438,000


View more businesses for sale

News Search

Latest News

 
21
 
Mar
 

Kent Logistics provider completes a successful acquisition | BUSINESS SALE

A Kent-based personalised logistics provider, backed by Livi...

 
20
 
Mar
 

Warrington construction company enters administration | ADMINISTRATION

A prominent construction business headquartered in Orford Gr...

 
19
 
Mar
 

Prominent stationery supplier enters administration | ADMINISTRATION

Another British high street retailer has fallen victim to th...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources