European Wealth buys £120m Towry asset book

The firm will pay £150,000 in cash six months after completion, followed by £400,000 twelve months after completion and a further £450,000 in cash depending on the assets under management. For the full year to 31 March 2016, the assets made a profit of about £0.2m, it said. European Wealth will raise up to £300,000 through a direct share subscription for up to 600,000 new ordinary shares at a price of 50p per share to finance the purchase. The deal will also see a Towry consultant transfer to European Wealth, for whom the firm has paid an additional £200,000. The clients of the ...