(Alliance News) - Tavistock Investment PLC shares jumped on Monday morning following news of a GBP10.0 million minority investment in financial advisory firm LEBC.
Shares were up 13% at 4.82 pence in London.
The Berkshire-based investment company has bought a 21% stake in LEBC, with GBP6.0 million to be paid upon completion of the deal and another GBP4.0 million twelve months after that date.
The LEBC group was founded in 2000 as a provider of financial planning and consultancy services. It now has over 75,000 clients and an estimated GBP5 billion of assets under advice.
LEBC's largest shareholder is investor BP Marsh & Partners PLC with a 60% interest.
Tavistock's Chief Executive Brian Raven said: "We look forward to working in close partnership with BP Marsh & Partners and with LEBC's management team. The initial focus will be on accelerating LEBC's commercial development and operational efficiency, as well as enhancing its oversight and compliance regime through the introduction of Tavistock's proprietary risk-based processes and procedures."
By Will Paige; willpaige@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
B.p Marsh (BPM)
Tavistock (TAVI)