Towry raises £35m to fund RDR-fuelled expansion

Towry has raised £35 million from new investors to fund expansion of the business as the retail distribution review (RDR) comes into effect. 

Towry has secured the investment from AlpInvest Partners and Honeywell Capital Management, co-investors of Palamon Capital Partners, Towry's majority shareholder.

Towry said the RDR presented it with 'significant opportunities to accelerate acquisitions and adviser recruitment'.

‘We have exciting expansion plans as we see enormous opportunities arising from the RDR,’ said Towry chief executive Andrew Fisher (pictured). ‘The new capital raised gives us a solid base from which to execute our plans for further growth.’

The new fundraising adds to the £47 million raised from Royal Bank of Scotland and Macquarie Bank earlier this year.