Mergers and acquisitions  

LEBC subsidiary buys Birmingham advice firm

LEBC subsidiary buys Birmingham advice firm

LEBC's subsidiary Aspira Corporate Solutions has bought advice firm Demna Consulting for an undisclosed amount.

Aspira is a financial planning firm specialising in workplace pensions, employee benefits and wealth management, and was bought by LEBC in 2017.

It has announced the purchase of Birmingham-based Demna Consulting which was founded in 2013 by Guy and Vicky Quigley and offers businesses bespoke pensions and employee benefit advice.

Derek Miles, managing director of Aspira, said, “I am delighted to welcome Guy and Vicky along with the customers of Demna to Aspira. The synergies between our customer solutions and service ethos are extremely strong and they’re a great fit for us. 

“I am very much looking forward to helping Guy and Vicky achieve their ambitious plans and to the wider Aspira team working closely with Guy, Vicky and Demna’s customers.”

The purchase, which was for an undisclosed sum, is subject to regulatory approval. 

Aspira said the acquisition was the group’s first since 2018 and represented an immediate net increase in revenue and earnings.

It said the acquisition would allow both companies to further develop their customer offering.

Vicky Quigley, director of Demna, said: “After nine years of developing and growing Demna Consulting Limited, we felt that joining a leading national firm would help take our service proposition for our clients and professional connections to the next level. 

“It was clear to us from our early discussions with Derek and his team at Aspira, that they share our clear focus on putting clients and their employees first. We are excited about the direction that Derek and his team at Aspira are taking and look forward to joining them.”

In January Tavistock bought a 21 per cent stake in LEBC from the widow of former chief executive Jack McVitie.

Around £6mn will be paid upon completion, followed by a further £4mn 12 months following completion. 

By buying this shareholding Tavistock will become a 'controller' of each of LEBC’s regulated subsidiaries, making the deal subject to regulatory approval.

sonia.rach@ft.com

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know