These shares have been purchased from a number of legacy shareholders, predominantly retired ex-employees of LEBC. Following the purchases the Company has an aggregate shareholding in LEBC of 42.68%.
B.P. Marsh first invested in LEBC, the independent financial advisory company, in April 2007, taking a 22.5% stake, increased by way of a follow-on investment to a 34.9% stake in January 2014. During the nine years of B.P. Marsh’s investment, LEBC has grown from revenue of £8.06m (for the year ending 31st May 2007) to revenue of £15m (for the year ending 30th September 2015) and extended its network of branches across the UK from 11 to 15.
LEBC is currently developing a “bionic” advice proposition combining technology with human involvement, which aims to enable advisers to work more efficiently in giving advice using intelligent systems for fact-finding and report writing.
Brian Marsh OBE, Executive Chairman of B.P. Marsh stated, “We are pleased to increase our stake in LEBC. Our partnership to date has proved fruitful and we believe the business has great future potential. We look forward to continue working with them to develop the business further.”
Jack McVitie, CEO of LEBC stated, “We are delighted that BP Marsh has shown continued faith in LEBC Group and made a further significant purchase of equity.
“As well as being a first class financial transaction for all those involved, it underpins and confirms the value that has been created within LEBC Group and gives us a new platform on which to build our future growth and development.”
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