TIDMBPM
RNS Number : 2421T
B.P. Marsh & Partners PLC
13 November 2023
13 November 2023
B.P. Marsh & Partners Plc
("B.P. Marsh", the "Company" or the "Group")
Investee Company Update - disposal by LEBC Holdings Limited of
Aspira Corporate Solutions Limited
B.P. Marsh & Partners Plc (AIM:BPM), the specialist private
equity investor in early stage financial services businesses, is
pleased to announce that LEBC Holdings Limited ("LEBC") has
conditionally sold Aspira Corporate Solutions Limited ("Aspira"), a
wholly-owned subsidiary of LEBC, to Titan Wealth Holdings Limited
("Titan Wealth"), the d iscretionary fund management/wealth and
asset management business (the "Transaction").
Background to the Investment
B.P. Marsh invested in LEBC in 2007, when its main operating
subsidiary was LEBC Group Limited ("LEBC Group"), the national
independent financial advisory ("IFA") firm. In 2017, LEBC acquired
Aspira, the Bristol-based IFA founded in 2003 by its CEO, Derek
Miles.
B.P. Marsh has a 59.34% shareholding in LEBC (the only majority
position held within the current portfolio), the business of which
has grown 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.
As previously announced, over the past three years LEBC has gone
through a restructuring process led by Derek Miles and his
management team in close consultation with the FCA. As announced by
the Company on 9 August 2023, this process resulted in the
consolidation of LEBC Group into Aspira, bringing the two
businesses together under one brand with the intention of
delivering an enhanced service for individual and corporate
clients.
B.P. Marsh has been invested in LEBC for over 15 years and has
supported the business through many changes in the advice market.
The new ownership under Titan Wealth offers an exciting future for
Aspira, and the Company wishes all stakeholders every success.
The Transaction
On 10 November 2023, LEBC agreed to sell 100% of Aspira to Titan
Wealth, subject to regulatory approval.
LEBC will receive proceeds of sale over a three year earn-out
period. The Group's expectation is that this will be at least in
line with the Company's most recent published valuation of LEBC as
at 31 July 2023, of GBP15,947,000. Additionally, the Group expects
to receive repayment in full of its outstanding loans with LEBC, a
total of GBP3.3m.
The Transaction will also allow LEBC to meet its obligations, as
agreed with the FCA, regarding historical defined benefit pension
transfer advice.
Commenting on the Transaction, Derek Miles, Chief Executive
Officer of Aspira, said:
"I would like to thank all at B.P. Marsh for their longstanding
support of LEBC and Aspira since their original investment back in
2007. Since I became CEO of the business in 2020, I have worked
very closely with B.P. Marsh, who supported me fully in a
comprehensive restructuring of the business, which has led to this
eventual sale.
Such a sale has safeguarded the future of Aspira, as by
combining our strengths and resources with Titan Wealth, we will be
able to provide even greater value to our customers and further
enhance our pensions advisory service. This would not have been
possible without the full support of B.P. Marsh."
Oliver Bogue, Non-Executive Chairman of LEBC and B.P. Marsh
Nominee Director on the Board of LEBC and Aspira, stated:
"It has been a pleasure to work with Derek Miles and the team at
Aspira, seeing the business through this period of transformational
change. This sale marks an exciting new chapter for Aspira, and is
a natural next step in their progression.
At B.P. Marsh's current valuation, this transaction produces an
Internal Rate of Return of 8.33%. This investment outlines B.P.
Marsh's ability to support a business in the long term through
uncertain times, safeguarding shareholder value. Such a result is
also testament to Derek Miles and his team, given the fundamental
changes the business has been though over the past number of
years."
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 fourteen 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 -
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit 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.
END
DISBJBLTMTJBMLJ
(END) Dow Jones Newswires
November 13, 2023 04:42 ET (09:42 GMT)
B.p. Marsh & Partners (LSE:BPM)
Historical Stock Chart
From Apr 2024 to May 2024
B.p. Marsh & Partners (LSE:BPM)
Historical Stock Chart
From May 2023 to May 2024