RCS - B.P. Marsh &Partners - Investee Company Update - LEBC

B.P. Marsh & PartnersAnnouncement

09/08/2023 13:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230809:nRSI8347Ia&default-theme=true

RNS Number : 8347I  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 £4 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 (http://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
(http://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 -

This information is provided by Reach, the non-regulatory press release distribution service of RNS, part of the London Stock Exchange. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  NRAPLMTTMTIMBMJ