Maidstone-based insurance giant Towergate Partnership has raised more than £100 million to launch itself into the financial advisory business.

Towergate Financial, the new financial advisory business, based in London, is expected to buy up to 20 Independent Financial Advisers (IFAs) by the end of the year, some of which are likely to be Kent-based.

Funding for the venture has come from the Royal Bank of Scotland, Lloyds TSB Corporate Markets and from Towergate management.

There are an estimated 29,000 IFAs in the UK. Towergate believes there is a gap in the market for a national network of advisers operating under a strong brand name.

Peter Cullum, executive chairman of Towergate Partnership, who is said to be worth £1.7 billion, said: "It is exciting to see Towergate Financial become the latest addition to the family.

"Our culture is based on doing things differently and we are launching a vision for the future of specialist personal financial services."

For full story see Kent Business, distributed with the Kent Messenger on Friday August 1.