by Anthony O’Goryinoff
Tavistock Investments Plc said on Monday it will acquire 21% of LEBC Holdings Ltd for 10 million pounds ($13.6 million) and consequently become a controller of LEBC’s regulated subsidiaries.
The UK financial-services group said it would buy 212,738a ordinary shares from Mary McVity, the widow of LEBC founder and former chief executive Jack McVity.
The company said it would pay GBP6.0 million upon completion – which is conditional on approval from the UK’s Financial Conduct Authority – and GBP4.0 million 12 months after completion.
LEBC is an independent financial advisory group with three wholly owned subsidiaries: LEBC Group Limited, Aspira Corporate Solutions Limited and LEBC Hummingbird Limited. The first two are regulated by the FCA, while the third is unregulated.
Brian Raven, Chief Executive Officer of Tavistock, said, “The initial focus will be on accelerating LEBC’s commercial growth and operational efficiency, as well as enhancing its monitoring and compliance regime through the introduction of Tavistock’s proprietary risk-based processes and procedures. “
Anthony O. Write to Goriainoff at [email protected]