LONDON (Alliance News) - B. P. Marsh & Partners PLC Thursday said it has acquired a further 12.02% stake in LEBC Holdings Ltd, the independent financial advisory, for GBP1 million in cash, and will provide the company's employee benefit trust with another GBP1 million in order to allow the management team to increase their shareholding in the company.
In a statement, the financial services-focused venture capitalist company said its latest investment, which was made on the last day of January, means its stake in LEBC now stands at 34.91%.
"B. P. Marsh believes that this is a commercially prudent opportunity to increase its shareholding, alongside the incumbent management team, in a growing specialist financial services company, further solidifying the longstanding partnership," the company said in a statement.
The stake was acquired from an exiting former employee shareholder, said the firm.
B. P. Marsh & Partners said the GBP1 million loan to LEBC's employee benefit trust is repayable within 12 months.
B. P. Marsh & Partners shares were Thursday quoted at 138.00 pence, up 2.50 pence, or 1.85%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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B.p Marsh (BPM)