Towry puts flotation plans on hold

The long-awaited flotation of wealth manager Towry has been delayed by poor economic conditions, according to reports.

While the company has made clear its intention to launch an initial public offering, those plans have been put on hold, according to the Mail on Sunday.

In an interview with the Mail, Fisher said the company was targeting £50bn to £60bn in assets under management via a series of acquisitions.

Among these, he said, will be those businesses struggling in the post-RDR, fee-charging world.

"We think there are a number of good firms with good people that are unlikely to make the transfer," he said in the interview.

"They will make valiant efforts to change and then find in 2013 and 2014 their models are just not working from a commercial point of view."

Last year, Towry had a turnover of £90m and assets under management of £4.5bn.