LEBC valuation slashed by a third after withdrawal from 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...