In its results for the year ending 30 September 2017, it has saw a turnover of £18.1m and a trading profit of £3m. This represents an increase on the 2016 results of 17.5% on turnover (2016 £15.4m) and 42.8% on trading profit (2016 £2.1m).
On a like for like basis, the company says it is trading “significantly ahead of last year and budget.”
In December 2017 LEBC paid £5m to acquire Aspira, a Bristol-based advisory firm with 50 staff and £500m of funds under management.
During the year BP Marsh & Partners, LEBC’s majority shareholder, acquired a further 17.84% stake for approximately £7.14m in July 2017. BP Marsh now has a 60.88% stake in LEBC with the remainder of shares held by founder and CEO Jack McVitie and LEBC Management.
Jack McVitie, chief executive of LEBC, 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.”
LEBC Group is a national IFA, pensions and employee benefits consultancy with staff at 15 centres around the UK - Birmingham, Bristol, Cambridge, Cardiff, Edinburgh, Glasgow, Hull, Leeds, Leicester, London, Maidstone, Manchester, Newcastle, Preston, Reading and Woking.