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Towergate kicks off spending spree with M2
Insurance giant Towergate has made its first acquisition since July’s announcement that it had £108 million to spend on expanding its portfolio of regional independent financial advisers (IFA).
Insurance giant Towergate has made its first acquisition since July’s announcement that it had £108 million to spend on expanding its portfolio of regional independent financial advisers (IFA).
The group has bought Nottingham-based M2 Financial for an undisclosed sum – its sixth acquisition in its plan to build a national IFA brand.
The deal was funded from the war chest produced by Royal Bank of Scotland, Lloyds TSB Corporate Markets and Towergate’s management.
Towergate appointed a team at accountancy firm Creaseys to structure the deal tax efficiently. Its team was led by tax partner Elizabeth Robertson and manager Jonathan Flett.
Robertson said the firm has a strong link with Towergate as it has provided tax and compliance advice to the group for several years.
“This was a great opportunity to assist our client in what will no doubt be only one of a large number of future acquisitions,” she added.
Creaseys Tax Consulting’s aim is to provide leading edge tax advice to clients and to be known as a niche tax consultancy, while always striving to be positive, prompt and personal at all times. We always give our clients the benefit of our extensive experience and technical expertise to solve their problems and legitimately minimise tax liabilities
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