LEBC Group, the National IFA, pensions and employee benefits consultancy, has announced a turnover of £18.1m for the year ended 30 September, 2017, up 17.5% from £15.4m and a trading profit of £3m, up 42.8% from £2.1m.

The firm said that on a like for like basis, it is trading significantly ahead of last year and budget.

In December 2017, LEBC paid £5m for Aspira, a Bristol-based advisory firm with 50 staff and nearly £0.5bn of funds under management. The Aspira acquisition is expected to be additive to the current year out turn.

 

Also, in the year, BP Marsh & Partners, LEBC’s long term business partner, acquired a further 17.84% stake in LEBC for an aggregate consideration of £7.14m on 26 July 2017. Following the purchase, the Company has an aggregate shareholding of 60.88% in LEBC, while the balance continues to be held by Founder and CEO, Jack McVitie and LEBC Management.

Chief executive of LEBC Jack McVitie, said: “BP Marsh’s usual strategy is to take minority equity positions, however in this instance the opportunity to make an additional investment proved compelling.

“Given the strength of demand and need for advice, bionic, the combination of individual advisers and technology is the only viable solution. LEBC continues to pioneer the creation and implementation of bionic advice. Our aim is to transform the access to top quality financial advice for employers, employees and individuals.”

 

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