10th Apr 2007 15:33
B.P. Marsh & Partners PLC10 April 2007 Date: 10th April 2007 On behalf of: B.P. Marsh & Partners Plc ("B. P. Marsh" or the "Company") B.P. Marsh & Partners Plc£2 Million Investment in LEBC Group B. P. Marsh & Partners Plc (AIM: BPM), a niche venture capital provider to earlystage financial services businesses, announces that it has acquired a 22.5%equity stake in LEBC Holdings Limited ("LEBC") for consideration of up to£1,965,500. LEBC Group (a subsidiary of LEBC) is an Independent Financial Advisory companyproviding services to individuals, corporates and partnerships, principally inemployee benefits, investment and life product areas. It was established in 2000with four branches and 10 advisers; today it has grown to 11 branches inGlasgow, Edinburgh, Manchester, Leeds, Hull, Birmingham, Leicester, London,Bristol, Southampton and Cambridge, employing 56 advisers. LEBC Group's turnover for the year ended 31 May 2006 was £6.7 million whichgenerated pre-tax profits of £0.6million. The initial investment was £1,783,250 with a potential final payment of up to afurther £182,250 based upon the audited results to 31 May 2007. B. P. Marshfinanced the acquisition from existing cash resources that were raised when theCompany floated on AIM in February 2006. The funds invested will enable thefounders to realise some of the value they have created over the last sevenyears. In addition to this investment, B. P. Marsh are prepared to acquirefurther shares as they become available which will help the company create avalue and an internal market in the company's shares. In line with the Company'sinvestment approach, a B.P. Marsh director will join the LEBC board. Commenting on the investment, Brian Marsh OBE, B.P. Marsh's Chairman, said: "LEBC is a high quality financial services business in which we are delighted tobe given the opportunity to assist in its next phase of growth and development.We have had prior experience in growing an IFA business and see similarpotential in LEBC. The team at LEBC has an excellent track record, superbreputation and we are delighted to be associated with this quality business." Jack McVitie of LEBC, commented: "B. P. Marsh & Partners are the perfect partners for LEBC at this time. Theyunderstand that our independence is of paramount importance to us in being ableto provide truly independent financial advise to all clients. In 2000, we hadthe vision of creating a nationwide operation - that vision has become a realityand we now look forward to taking the company to its next stage whilst focusingon only employing the leading independent financial advisers who are able toadvise from a position of informed expertise, underpinned by the highest ethicalstandards and with a common philosophy. " Further information on LEBC is available at the company's website:www.lebc-group.com - ends - For further information: B.P. Marsh & Partners Plc www.bpmarsh.co.ukBrian Marsh OBE +44 (0)20 7730 2626 Nominated AdviserNabarro Wells & Co. LimitedDavid Nabarro/Marc Cramsie +44 (0)20 7710 7400 Redleaf Communications (PR to B.P. Marsh)Emma Kane/Tom Newman +44 (0)20 7822 0200 -ends- Notes to Editors: About B.P. Marsh & Partners Plc B.P. Marsh's current portfolio contains eleven companies. More detaileddescriptions of the portfolio can be found at www.bpmarsh.co.uk. Over the past 17 years, the Company has assembled a management team withconsiderable experience both in the financial services sector and in managingprivate equity investments. Many of the directors have worked with each other inprevious roles, and all executive directors have worked with each other for atleast five years. Prior to Brian Marsh's involvement in the Company, he spent many years ininsurance broking and underwriting in Lloyd's as well as the London and overseasmarket. He has over 30 years' experience in building, buying and sellingfinancial services businesses, particularly in the insurance sector. Managing Director, Natasha Dunbar, has over 12 years' experience in thefinancial services industry. Having joined the Company in 1994 she was mademanaging director in March 2002. Natasha is responsible for the day to dayrunning of all operational aspects of the business and works closely with BrianMarsh in defining the strategic development of the Company. Francis de Zulueta is the Company's Development Director. With a wide-rangingknowledge of the financial services market, he seeks out, researches andevaluates potential new investments for B.P. Marsh. Following a 23-year brokingcareer with Willis Faber and Aon, among others, he took an active interest inthe mergers, acquisitions and venture capital business of Marsh McLennan. Jonathan Newman is the Group Director of Finance and has 9 years' experience inthe financial services industry. Jonathan advises investee companies throughseveral non-executive board appointments and evaluates new investmentopportunities. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
B.p Marsh