Aspira Corporate Solutions, a wholly owned subsidiary of LEBC Holdings Limited, has acquired the trading assets and personnel of its sister company, LEBC Group.
The deal will result in improved service for both its individual and corporate clients by combining the expertise of the two firms under one brand. With about £4bn in assets under advice, the combined entity will offer pensions and investment advice to more than 1,600 corporate entities and over 15,000 individuals.
The Financial Conduct Authority (FCA) has approved the transfer of assets after consultation, and B.P. Marsh, the largest shareholder of LEBC Holdings Limited, the entity that is the parent of both LEBC Group and Aspira, has given full support for the move.
Customers and employees of the LEBC Group will all be switched over to Aspira with immediate effect, with no interruption in service. The underlying pension and investment assets of the customers are untouched by this procedure.
In order to complete the acquisition, LEBC Group has recruited insolvency professionals from FRP Advisory and entered administration. An orderly dissolution of LEBC Group is planned.
LEBC and Aspira chief executive officer Derek Miles says: “I am delighted to announce that five years on from LEBC and Aspira joining forces we have agreed with the FCA that we can amalgamate the two businesses into one single business going forwards.
“It has been agreed that the LEBC Group Limited business will transfer to, and become part of, Aspira with immediate effect with LEBC Group Limited being wound up in an orderly fashion in due course.
“For existing Aspira customers there are no changes to anything for you and our service and commitment remains as it always has.
“For LEBC customers (now becoming Aspira customers) all of the LEBC Group staff have transferred to Aspira and they will continue to look after you as they have done in the past and your service and commitment from us remains unchanged.
“Other than the name nothing changes for you with all contact information remaining the same although email addresses of LEBC staff will transfer to Aspira email addresses which we will update you on in due course (LEBC emails will be redirected to Aspira in the meantime).
“This is a really exciting time for the enlarged Aspira business and we look forward to continuing to support you with your financial goals and journey in the coming months and years.”
Miles adds: “This FCA-agreed combination is a logical consolidation of the two businesses’ expertise and will provide an enhanced proposition for our clients and their customers. All LEBC staff and personnel will be incorporated into Aspira, with the shared management team unchanged. I look forward to leading the combined company as we continue to provide high-quality advice to our expanded client base.”
