LEBC valuation slashed by a third after withdrawal from DB transfer market
LEBC stopped DB business in September
“The group will work closely with LEBC’s management team to return LEBC to the position it was in before the withdrawal from the DB market” - B.P. Marsh & Partners.
LEBC's majority shareholder B.P. Marsh & Partners has reduced the valuation of its holding in the group by 33%, following its withdrawal from the defined benefit (DB) transfer market.
According to the group's interim results for the six month period to 31 July 2019 published today (15 October), the group still holds a 59.3% stake in LEBC. This was valued at £35.5m in January, but...
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