A Bristol financial advice firm has said it will be wound up after its staff and clients were acquired by its sister company in a combination deal.
LEBC Group said it would become part of Aspira, a wholly-owned subsidiary of LEBC, with the two firms becoming one single business with immediate effect.
Business advisory firm FRP said Daniel Conway and David Hudson were appointed as joint administrators to LEBC Group on Wednesday (August 9) and had now completed the pre-packaged sale. Financial details of the agreement were not disclosed.
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FRP said that following the deal all 118 LEBC employees and the company’s clients would be transferred to the new business.
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Private equity firm BP Marsh, which had a stake of around 60% in LEBC, said in a the combined business would continue to provide pensions and investment advice to more than 1,600 corporate entities and over 15,000 individuals, with around £4bn of assets under advice.
In an update posted on its website, LEBC said it would be “wound up in an orderly fashion in due course”.
Derek Miles, chief executive of LEBC Group and Aspira, said: "This FCA-agreed combination is a logical consolidation of the two businesses' expertise and will provide an enhanced proposition for our clients and their customers. All LEBC staff and personnel will be incorporated into Aspira, with the shared management team unchanged. I look forward to leading the combined company as we continue to provide high-quality advice to our expanded client base."
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Oliver Bogue, non-executive chairman of LEBC and BP Marsh’s nominee director on the LEBC board, added: "This consolidation follows a management-led restructuring process which has had the full support of BP Marsh, being in the best interest of all LEBC stakeholders. BP Marsh will continue to work closely with Derek Miles and his team going forward to develop Aspira as one business."
LEBC and Aspira said they had first become part of the same corporate group five years ago. Aspira has a registered address at the 3 Temple Quay office building.