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).

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.