Towry: We may not float for another 18 months

Towry head of marketing Peter Foster says the wealth manager might not launch its IPO for another 18 months and has disputed an estimate valuing the firm at £500m.

Following a report in a national newspaper, Foster confirmed Towry is looking to float within the next 12-18 months and has appointed STJ Advisors to prepare the offering, but has dismissed an estimate of its valuation as "speculative".

 "We are not sure how this has built up such a head of steam," says Foster commenting on the article in the Sunday Times. "We are planning to float within the next 12-18 months if market conditions are right but all the rest is purely speculative."

He adds the £500m valuation quoted by the paper, along with speculation chief executive Andrew Fisher (pictured) is in line for a £100m "payday", is inaccurate.

Fisher, who has run Towry since 2006, has a 20% stake in the company but told the Sunday Times he does not plan to sell any of his shares.

The company's valuation, says Foster, will be dependent upon market conditions at the time of listing.

"We will dispute any valuation figure and we are not going to issue a note saying what the company is worth," he says. 

Foster did confirm the company is holding discussions with a number of banks.

"When you plan an IPO, you plan a long time in advance. Discussions with a number of banks are ongoing but this is a normal part of the IPO process and we in that process."

The Sunday Times estimates the company is worth £500m - a valuation which would put it in the FTSE 250.