Business
Investment in LEBC Group
Investment in LEBC Group.
About this update from B.p. Marsh & Partners Plc
[{"type":"text","content":"\n B.P. Marsh & Partners PLC\n10 April 2007\n\n\nDate: 10th April 2007\n\nOn behalf of: B.P. Marsh & Partners Plc ('B. P. Marsh' or the 'Company')\n\nB.P. Marsh & Partners Plc\n£2 Million Investment in LEBC Group\n\nB. P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to early\nstage financial services businesses, announces that it has acquired a 22.5%\nequity stake in LEBC Holdings Limited ('LEBC') for consideration of up to\n£1,965,500.\n\nLEBC Group (a subsidiary of LEBC) is an Independent Financial Advisory company\nproviding services to individuals, corporates and partnerships, principally in\nemployee benefits, investment and life product areas. It was established in 2000\nwith four branches and 10 advisers; today it has grown to 11 branches in\nGlasgow, Edinburgh, Manchester, Leeds, Hull, Birmingham, Leicester, London,\nBristol, Southampton and Cambridge, employing 56 advisers.\n\nLEBC Group's turnover for the year ended 31 May 2006 was £6.7 million which\ngenerated pre-tax profits of £0.6million.\n\nThe initial investment was £1,783,250 with a potential final payment of up to a\nfurther £182,250 based upon the audited results to 31 May 2007. B. P. Marsh\nfinanced the acquisition from existing cash resources that were raised when the\nCompany floated on AIM in February 2006. The funds invested will enable the\nfounders to realise some of the value they have created over the last seven\nyears. In addition to this investment, B. P. Marsh are prepared to acquire\nfurther shares as they become available which will help the company create a\nvalue and an internal market in the company's shares. In line with the Company's\ninvestment approach, a B.P. Marsh director will join the LEBC board.\n\nCommenting on the investment, Brian Marsh OBE, B.P. Marsh's Chairman, said:\n\n'LEBC is a high quality financial services business in which we are delighted to\nbe given the opportunity to assist in its next phase of growth and development.\nWe have had prior experience in growing an IFA business and see similar\npotential in LEBC. The team at LEBC has an excellent track record, superb\nreputation and we are delighted to be associated with this quality business.'\n\nJack McVitie of LEBC, commented:\n\n'B. P. Marsh & Partners are the perfect partners for LEBC at this time. They\nunderstand that ...