Towry backtracks on listing plans

Towry had planned to float within 18 months due to its private equity controllers Palamon, looking to sell its holding, the report said. However, chief executive Andrew Fisher, told the FT the firm had already raised enough cash to acquire other firms this year. He said: "What we've done essentially is bypass the need to do an initial public offering by raising the capital privately. We have sufficient equity. I'd be really surprised if [a float] happened this year." In December, Towry raised £35m from co-investors AlpInvest Partners and Honeywell Capital Management. Fisher told the FT ...