Wealth manager Towry has completed the buyout of rival firm Ashcourt Rowan.
The bidding process for the acquisition saw Towry increase its offer for Ashcourt Rowan to £120m in March after interest from other parties. Towry agreed to pay 333p per share and a principal amount of 16p in new loan notes for Ashcourt Rowan. The revised deal replaced the 270p per share (plus 5p in loan notes) acquisition agreed by the two firms in February. Towry chief executive Rob Devey welcomed both clients and employees of Ashcourt and said the deal was significant for the firm. He said: "Ashcourt Rowan is an excellent fit with Towry, set to deliver significant benefit to cli...
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