Business
Investee Company Update - LEBC
Investee Company Update - LEBC.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n\n9th August 2023\n \nB.P. Marsh & Partners Plc\n(\"B.P. Marsh\" or the \"Company\")\n \nInvestee Company Update - LEBC Holdings Limited (\"LEBC\")\n \nB.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses, notes the announcement from Aspira Corporate Solutions Limited (\"Aspira\") regarding LEBC Group Limited (\"LEBC Group\"), both wholly-owned subsidiaries of LEBC in which the Group has a 59.34% shareholding.\n \nAspira, a wholly-owned subsidiary of LEBC, has acquired the trading assets and personnel of its sister company, LEBC Group.\n \nThis combination brings together the expertise of the two businesses under one brand and will result in an enhanced service for both its individual and corporate clients. The combined entity will continue to provide pensions and investment advice to more than 1,600 corporate entities and over 15,000 individuals with circa £4 billion of assets under advice.\n \nAll LEBC Group customers and staff will be transferred to Aspira with immediate effect, with no impact on the service provided. Customers' underlying pension and investment assets remain unaffected by this process.\n \nThe transfer of assets has received consent from the Financial Conduct Authority (\"FCA\"), following extensive consultation.\n \nThe above transaction does not require a review of the Group's current valuation of LEBC as at 31st January 2023, as published on 13th June 2023.\n \nDerek Miles, Chief Executive Officer of LEBC Group and Aspira, said:\n \n\"This FCA-agreed combination is a logical consolidation of the two businesses' expertise and will provide an enhanced proposition for our clients and their customers. All LEBC staff and personnel will be incorporated into Aspira, with the shared management team unchanged. I look forward to leading the combined company as we continue to provide high-quality advice to our expanded client base.\"\n \nOliver Bogue, Non-Executive Chairman of LEBC and B.P. Marsh Nominee Director on the Board of LEBC, said:\n \n\"This consolidation follows a Management led restructuring process which has had the full support of B.P. Marsh, being in the best interest of all LEBC stakeholders. B.P. Marsh will continue to work closely with Derek Miles and his team goin...