UK-based wealth advisory firm Towry has entered a business partnership with the Scottish Chamber of Commerce.

The agreement sees Towry become the ninth business partner of the SCC. The partnership aims to give Towry’s Scottish office teams opportunities to build initiatives and get more involved with the local business community, said the firm.

Under the new arrangement, Towry will engage with the eight other business partners currently working with the SCC – including Scottish Power, ScotRail and RBS – allowing SCC members to benefit from the combined services across a range of industries that the partners provide.

“Through the partnership with the SCC, we will seek to build initiatives with the Chambers of Commerce, improving our existing business relationships and harnessing new opportunities. Our impartial approach to advice will be of great value to many individual business owners, directors and executives in Scotland,” said Graeme Creevy, wealth advice manager at Towry.

In recent developments, in September Towry completed a £47.3 million ($77 million) financing package with Macquarie Bank and Royal Bank of Scotland, in a move to re-establish itself after a turbulent year; which saw the firm hitting the headlines in February when it lost a high-profile lawsuit. Before that, over a year ago the firm - known then as Towry Law - was fined £494,900 by the UK regulator for a variety of failings.

But Towry has now seen two positive moves this year and continues to rebuild its reputation. It employs over 650 people in 18 offices across the UK and managed £4.5 billion of discretionary client assets at end December 2011.