The private equity backer of national IFA and employee benefits consultancy LEBC Holdings has taken a further £1m stake in the business.
Private equity outfit B.P. Marsh & Partners took an additional 12% stake in the firm, taking its total holding to just below 35%. The acquisition was from an employee who was leaving the firm.
The firm said B.P. Marsh had also provided LEBC's Employee Benefit Trust with a further £1m of funding through a secured short term loan facility - repayable within 12 months -to enable the management team to increase their shareholding in LEBC.
LEBC has 13 branch locations spread throughout the UK - Birmingham, Bristol, Cambridge, Cardiff, Chertsey, Edinburgh, Glasgow, Hull, Leeds, Leicester, London, Manchester and Reading.
The firm said it was looking to significantly grow its IFA business over the coming years.
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