Business
Investee company update
Investee company update.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n \nRNS Number : 4283Z B.P. Marsh & Partners PLC 15 December 2017 \n\nDate: 15 December 2017\nOn behalf of: B.P. Marsh & Partners Plc (\"B.P. Marsh\", the \"Company\" or the \"Group\")\n \nB.P. Marsh & Partners Plc\nInvestee Company Update - LEBC\n \nLEBC ACQUIRES ASPIRA\nB.P. Marsh & Partners Plc (AIM: BPM), the niche venture capital provider to early stage financial services businesses, announces that LEBC Holdings Limited (\"LEBC\"), the leading national Independent Financial Adviser (\"IFA\") in which B.P. Marsh has a 60.87% stake, has acquired 100% of the share capital of Aspira Corporate Solutions Ltd (\"Aspira\"), subject to FCA change of control. \nThe transaction valued at £5 million in cash and shares was financed by provision of a £1.5m loan from the Company to LEBC and from LEBC's existing cash reserves.\n \nAspira is a Bristol-based IFA founded in 2003. The business employs 50 staff, with over 11,000 clients and nearly £0.5bn in funds under management.\n \nThe acquisition substantially strengthens LEBC's presence in the South West and adds additional advisory capacity that should significantly increase turnover throughout the business.\n \nDerek Miles, Aspira's CEO, will join LEBC as part of the Senior Management team following the acquisition and become a shareholder in LEBC. Following the transaction Aspira will be fully integrated within LEBC.\n \nJack McVitie, LEBC's Chief Executive, commented; \"Aspira is a business that we have known and admired for many years. I look forward to a successful integration and I am delighted to have the opportunity to work with Derek Miles as a colleague and fellow shareholder.\n \nIt is pleasing to be able to enter into this transaction off a fine year to end of September 2017 where we again set records on turnover, profit, margin and cash collection.\"\n \nCamilla Kenyon, the Company's representative on the LEBC Board, said; \"This is a significant acquisition that will strengthen LEBC through additional experienced personnel and geographic coverage. Aspira is a ve...