Towry, the UK-based wealth advisory firm, has completed a £47.3 million ($77 million) financing package with Macquarie Bank and Royal Bank of Scotland to replace an existing mezzanine debt facility – a positive move which ends what has been a somewhat torrid year for the firm.

£42.5 million of senior and junior loans was provided by Macquarie, while £4.8 million of additional senior debt was provided by RBS.

The financing structure will provide a “sound basis from which further expansion can take place”, said Daan Knottenbelt, partner at Palamon Capital Partners (Towry’s parent firm).

In February this year Towry hit the headlines having lost a high-profile lawsuit in which it had claimed damages for alleged client poaching from seven former Edward Jones advisors and their current employer, Raymond James Investment Services.

Just over one year ago Towry – which was formerly known as Towry Law – was fined £494,900 by the UK regulator for a variety of failings including not segregating clients’ money properly.

Despite these troubles the firm says it is growing fast. Towry currently has £4.6 billion in assets under management, having grown its AuM by almost 40 per cent each year since Palamon’s initial investment in the firm in 2003.