B.p Marsh Regulatory News (BPM)

9th August 2023

B.P. Marsh & Partners Plc

("B.P. Marsh" or the "Company")

Investee Company Update - LEBC Holdings Limited ("LEBC")

B.P. Marsh and Partners Plc (AIM:BPM), the specialist private equity investor in early stage financial services businesses, notes the announcement from Aspira Corporate Solutions Limited ("Aspira") regarding LEBC Group Limited ("LEBC Group"), both wholly-owned subsidiaries of LEBC in which the Group has a 59.34% shareholding.

Aspira, a wholly-owned subsidiary of LEBC, has acquired the trading assets and personnel of its sister company, LEBC Group.

This combination brings together the expertise of the two businesses under one brand and will result in an enhanced service for both its individual and corporate clients. The combined entity will continue to provide pensions and investment advice to more than 1,600 corporate entities and over 15,000 individuals with circa £4 billion of assets under advice.

All LEBC Group customers and staff will be transferred to Aspira with immediate effect, with no impact on the service provided. Customers' underlying pension and investment assets remain unaffected by this process.

The transfer of assets has received consent from the Financial Conduct Authority ("FCA"), following extensive consultation.

The above transaction does not require a review of the Group's current valuation of LEBC as at 31st January 2023, as published on 13th June 2023.

Derek Miles, Chief Executive Officer 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."

Oliver Bogue, Non-Executive Chairman of LEBC and B.P. Marsh Nominee Director on the Board of LEBC, said:

"This consolidation follows a Management led restructuring process which has had the full support of B.P. Marsh, being in the best interest of all LEBC stakeholders. B.P. Marsh will continue to work closely with Derek Miles and his team going forward to develop Aspira as one business."

For further information:

Notes to Editors:

B.P. Marsh's current portfolio contains fifteen companies. More detailed descriptions of the portfolio can be found at www.bpmarsh.co.uk.

Since formation over 30 years ago, the Company has assembled a management team with considerable experience both in the financial services sector and in managing private equity investments. Many of the directors have worked with each other in previous roles, and all have worked with each other for approaching ten years.

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