LONDON, UK: LEBC Holdings Limited (LEBC) has entered into a conditional agreement to sell Aspira Corporate Solutions Limited (Aspira), a wholly-owned subsidiary, to Titan Wealth Holdings Limited, a deal that signifies a pivotal move in their business trajectory.
B.P. Marsh’s investment in LEBC, initiated in 2007, centered around LEBC Group Limited, an independent financial advisory firm. In 2017, LEBC expanded its portfolio by acquiring Aspira, a Bristol-based IFA founded by Derek Miles in 2003.
With B.P. Marsh holding a significant 59.34% stake in LEBC, which has burgeoned to provide financial guidance to a vast clientele, the recent consolidation of LEBC Group into Aspira was geared toward amplifying their service quality for both individual and corporate customers.
The sale of Aspira to Titan Wealth, announced on 10 November 2023, is contingent on regulatory approval and entails an earn-out period spanning three years. LEBC anticipates the proceeds from this transaction to align with the company’s recent valuation, circa £15,947,000 as of 31 July 2023. Additionally, the deal is set to settle LEBC’s outstanding loans amounting to £3.3 million.
Moreover, this transaction will enable LEBC to meet its obligations concerning historical defined benefit pension transfer advice as agreed with the FCA.
Derek Miles, CEO of Aspira, expressed gratitude for B.P. Marsh’s enduring support and highlighted the transformative restructuring that led to this sale, ensuring a promising future for Aspira through its amalgamation with Titan Wealth.
Oliver Bogue, Non-Executive Chairman of LEBC, praised the collaboration and highlighted the strategic value of the sale for Aspira’s evolution, also emphasizing the positive return on investment for B.P. Marsh amid the company’s enduring changes and challenging times.
The sale heralds a significant move for Aspira and the stakeholders involved, charting a new and promising phase in the business’s growth trajectory.
Tavistock Investments has sold LEBC Hummingbird Limited for £3.0 million