Towry’s 2015 profits hit by Ashcourt Rowan deal

Towry staff photos by Scott Ramsey Photography. In Photo: Towry CEO Rob Devey.

Wealth manager Towry has seen its profits almost halved in 2015 by costs relating to its acquisition of Ashcourt Rowan, while the deal also boosted assets under management, revenues and Ebitda.

The firm, which agreed a £120m deal for Ashcourt Rowan in February 2015, saw operating profits dip from £8.3m to £4.2m, in part due to £19.5m of costs from the purchase.

However, with eight months of Ashcourt Rowan’s performance included in the full year figures, Towry’s 2015 Ebitda also rose by 52 per cent from £24m to £36.4m.

Similarly, revenues climbed 33 per cent from £91.3m to £121.1m, while assets under management increased 42 per cent from £6.4bn to £9.1bn.

Towry chief executive Rob Devey says: “The successful acquisition and integration of Ashcourt Rowan played a key role in the year’s success, as it allowed us to significantly accelerate the development of the business and build a client proposition which puts us at the very forefront of the market.

Tilney Bestinvest announced the £600m acquisition of Towry earlier this month.

“The recent announcement of the acquisition of Towry by Tilney Bestinvest is testament to our standing as one of the leading planning-led wealth management firms in the industry and moving forwards the combined business will be able to offer an ever wider range of services for clients on a national scale,” Devey says.