Bristol finance firm enters into administration
A financial advice firm in Bristol has entered into administration.
LEBC Group entered administration after selling its assets which included its client book and employees to subsidiary Aspira Corporate Solutions.
The transfer of assets received consent from the Financial Conduct Authority following what has been described as extensive consultations.
Private equity investor BP Marsh was a major shareholder in the firm.
The deal will see all of LEBC’s customers and staff transferred to Aspira with immediate effect.
And all of its customers pension schemes and investments will not be affected by the move.
Derek Miles, chief executive of LEBC 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.”
LEBC Group has appointed insolvency practitioners from FRP Advisory.