Tavistock has sold research firm LEBC Hummingbird for £3mn, after buying it just six months ago.
The financial planner said it had sold Hummingbird back to LEBC subsidiary Aspira Corporate Solutions.
Hummingbird began trading in 2020 as a provider of financial research for financial advice business LEBC.
Tavistock bought Hummingbird in May - mainly to provide LEBC with additional working capital.
But Tavistock has today announced that LEBC has found an alternative source of working capital and therefore Tavistock has agreed to sell Hummingbird back to Aspira on the same terms as those on which it was bought earlier this year.
Aspira is an LEBC subsidiary which specialises in workplace pensions, employee benefits and wealth management for executives and private clients.
Earlier this year Tavistock bought a 21 per cent stake in LEBC and became a a 'controller' of each of LEBC’s regulated subsidiaries.
Its accounts for the 12 months to the end of September 2021 showed a pre-tax profit of £430,000 and gross assets of £130,000.
Tavistock has received approximately six months contribution from Hummingbird to the group's results for the year ending March 31, 2023.
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
