B.P. Marsh & Partners PLC Investee Company Update - LEBC
09 Agosto 2023 - 9:44AM
RNS Non-Regulatory
TIDMBPM
B.P. Marsh & Partners PLC
09 August 2023
9(th) August 2023
B.P. Marsh & Partners Plc
("B.P. Marsh" or the "Company")
Investee Company Update - LEBC Holdings Limited ("LEBC")
B.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.
Aspira, a wholly-owned subsidiary of LEBC, has acquired the
trading assets and personnel of its sister company, LEBC Group.
This 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 GBP4 billion of assets under advice.
All 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.
The transfer of assets has received consent from the Financial
Conduct Authority ("FCA"), following extensive consultation.
The above transaction does not require a review of the Group's
current valuation of LEBC as at 31(st) January 2023, as published
on 13(th) June 2023.
Derek Miles, Chief Executive Officer of LEBC Group and Aspira,
said:
"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."
Oliver Bogue, Non-Executive Chairman of LEBC and B.P. Marsh
Nominee Director on the Board of LEBC, said:
"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 going forward to develop
Aspira as one business."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Atholl Tweedie / Stephen Jones / Amrit
Mahbubani / Ailsa MacMaster +44 (0)20 7886 2500
Financial PR & Investor Relations
Tavistock bpmarsh@tavistock.co.uk
Simon Hudson / Tim Pearson / Katie Hopkins +44 (0)20 7920 3150
Notes to Editors:
B.P. Marsh's current portfolio contains fifteen companies. More
detailed descriptions of the portfolio can be found at
www.bpmarsh.co.uk .
Since formation over 30 years ago, the Company has assembled a
management team with considerable experience both in the financial
services sector and in managing private equity investments. Many of
the directors have worked with each other in previous roles, and
all have worked with each other for approaching ten years.
- Ends -
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August 09, 2023 08:44 ET (12:44 GMT)
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