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 LEBC said it now values its stake in the business at £23.9m. The cut means B.P Marsh & Partners gives the company an overall value of £40.3m, down from £59.9m six months prior. The July results noted the reduced valuation was a "consequence" of LEBC's voluntary withdrawal from the market, which was announced at the start of September. The national advisory firm voluntarily agreed with...
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