TIDMBPM
RNS Number : 4283Z
B.P. Marsh & Partners PLC
15 December 2017
Date: 15 December 2017
On behalf of: B.P. Marsh & Partners Plc ("B.P. Marsh", the "Company" or the "Group")
B.P. Marsh & Partners Plc
Investee Company Update - LEBC
LEBC ACQUIRES ASPIRA
B.P. Marsh & Partners Plc (AIM: BPM), the niche venture
capital provider to early stage financial services businesses,
announces that LEBC Holdings Limited ("LEBC"), the leading national
Independent Financial Adviser ("IFA") in which B.P. Marsh has a
60.87% stake, has acquired 100% of the share capital of Aspira
Corporate Solutions Ltd ("Aspira"), subject to FCA change of
control.
The transaction valued at GBP5 million in cash and shares was
financed by provision of a GBP1.5m loan from the Company to LEBC
and from LEBC's existing cash reserves.
Aspira is a Bristol-based IFA founded in 2003. The business
employs 50 staff, with over 11,000 clients and nearly GBP0.5bn in
funds under management.
The acquisition substantially strengthens LEBC's presence in the
South West and adds additional advisory capacity that should
significantly increase turnover throughout the business.
Derek Miles, Aspira's CEO, will join LEBC as part of the Senior
Management team following the acquisition and become a shareholder
in LEBC. Following the transaction Aspira will be fully integrated
within LEBC.
Jack McVitie, LEBC's Chief Executive, commented; "Aspira is a
business that we have known and admired for many years. I look
forward to a successful integration and I am delighted to have the
opportunity to work with Derek Miles as a colleague and fellow
shareholder.
It is pleasing to be able to enter into this transaction off a
fine year to end of September 2017 where we again set records on
turnover, profit, margin and cash collection."
Camilla Kenyon, the Company's representative on the LEBC Board,
said; "This is a significant acquisition that will strengthen LEBC
through additional experienced personnel and geographic coverage.
Aspira is a very good strategic fit, is in strong financial health
and conducts its client relationships with the same integrity and
commitment that LEBC demands."
For further information:
B.P. Marsh & Partners Plc www.bpmarsh.co.uk
Brian Marsh OBE / Camilla Kenyon +44 (0)20 7233 3112
Nominated Adviser & Broker
Panmure Gordon
Charles Leigh-Pemberton / Atholl Tweedie +44 (0)20 7886 2500
Notes to Editors:
About B.P. Marsh & Partners Plc
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 25 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 at least five years.
Prior to Brian Marsh's involvement in the Company, he spent many
years in insurance broking and underwriting in Lloyd's as well as
the London and overseas market. He has over 30 years' experience in
building, buying and selling financial services businesses,
particularly in the insurance sector.
Alice Foulk joined B.P. Marsh in September 2011 having started
her career at a leading Life Assurance company. In 2014 she took
over as Executive Assistant to the Chairman, running the Chairman's
Office and established herself as a central part of the management
team.
In February 2015 she was appointed as a Director of B.P. Marsh
and a member of the Investment Committee. In January 2016 Alice was
appointed Managing Director of B.P. Marsh.
In her position as Managing Director, Alice is responsible for
the overall performance of the Company and monitoring the Company's
overall progress towards achieving the objectives and goals of the
Company, as set by the Board.
Dan Topping is the Chief Investment Officer of B.P. Marsh,
having been appointed as a Director in 2011. He joined the Company
in February 2007, following two years at an independent London
accountancy practice. Dan is the Senior Executive with overall
responsibility for the portfolio and investment strategy of B.P.
Marsh.
Dan graduated from the University of Durham in 2005 and is a
member of the Securities and Investment Institute and the Institute
of Chartered Secretaries and Administrators.
Dan is a standing member of the B.P. Marsh Investment and
Valuation Committees and currently serves as a Board Director
across the portfolio.
Camilla Kenyon (Millie) was appointed to the main Board in 2011,
following her appointment as Head of Investor Relations in 2009.
She has dual responsibilities within the Group, running both
Investor Relations and the New Business Department and is Chair of
the New Business Committee evaluating new investment
opportunities.
Millie is nominee director in one investee company and is a
member of the Investment Committee. She has over 20 years of
experience in the financial services industry, including numerous
Board appointments and is a Member of the Investor Relations
Society.
Jonathan Newman is a Chartered Management Accountant and is the
Group Director of Finance and has over 17 years' experience in the
financial services industry. Jon graduated from the University of
Sheffield with an honours degree in Business Studies and joined the
Group in November 1999, following two years at Euler Trade
Indemnity and two years at a Chartered Accountants. Jon is a Member
of the Chartered Global Management Accountants, the Chartered
Management Accountants and the Chartered Institute of Securities
and Investment.
Jon was appointed a Director of B.P. Marsh & Company Limited
in September 2001, and Group Finance Director in December 2003 and
was instrumental in the admission of the Group to AIM in February
2006. Jon is a member of the B.P. Marsh Investment and Valuation
Committees and currently serves as a Board Director for Walsingham
Motor Insurance Limited, and provides senior financial support and
advice to all companies within the Group's portfolio as well as
evaluating new investment opportunities.
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
END
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