Wealth management firm, Towry, has posted pre-tax profit of £9.4m for full-year 2012 up from £8.3m in 2011.
It also posted a 20% increase in EBITDA to £23.5m (2011: £19.6m) and an increase in operating profit to £11.8m (2011: £10.2m profit). The company has raised £35m in new equity to provide additional funding for its growth strategy. This growth will be both organic and via the acquisition of smaller financial advice firms. Towry recently concluded a deal with Norscot Financial Services (NFS) and George Square Fund Managers (GSFM). David Mills and his team from NFS and GSFM joined Towry's Glasgow office in April. The number of employees at the company fell from 741 to 658 during 20...
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