Agreed in February, the acquisition sees Towry assets climb to more than £11bn, while shareholders in Ashcourt Rowan received 270p per share plus loan notes worth 5p per share.
Rob Devey, Towry chief executive, said: “This is a significant acquisition for Towry and we want to take the opportunity to welcome both clients and employees of Ashcourt Rowan. Ashcourt Rowan is an excellent fit with Towry, set to deliver significant benefit to clients and shareholders.
“Our continued priority over the coming months is to ensure a smooth period of integration between the two businesses, while maintaining an excellent standard of financial planning and investment management services to our clients.”
Ashcourt Rowan share value surged by 56% following the announcement of the deal, and as of 11.20am on 8 May stood at 346p per share across a total issuance of 35.49m, equating to a market worth of £122.8m – up from £22m in just over three years.
