LONDON (Alliance News) - Venture capital provider BP Marsh & Partners PLC said Wednesday it has sold its 1.32% stake in insurance company Randall & Quilter Investment Holdings to Brian Marsh Enterprises Ltd for GBP1.0 million.
Brian Marsh Enterprises is a private company owned by BP Marsh's Chairman Brian Marsh, who is also the majority shareholder of BP Marsh.
BP Marsh said the transaction results in a realised gain of GBP247,000 on the investment as compared to the latest booked value of GBP773,000 which was the carrying value at January 31.
BP Marsh added that the investment was a non-core holding for the group and said the realised funds will be "better utilitsed in more typical opportunities in which the group can add value".
BP Marsh said its shareholder in Randall & Quilter originated when the insurance company bought BP Marsh's stake in JMD Specialist Insurance Services Ltd in 2010.
Shares in BP Marsh closed up 0.8% at 158.80 pence on Wednesday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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B.p Marsh (BPM)