The transaction valued at £5 million in cash and shares was financed by provision of a £1.5m loan from the Company to LEBC and from LEBC's existing cash reserves.
Aspira is a Bristol-based IFA founded in 2003. The business employs 50 staff, with over 11,000 clients and nearly £0.5bn in funds under management.
The acquisition substantially strengthens LEBC's presence in the South West and adds additional advisory capacity that should significantly increase turnover throughout the business.
Derek Miles, Aspira's CEO, will join LEBC as part of the Senior Management team following the acquisition and become a shareholder in LEBC. Following the transaction Aspira will be fully integrated within LEBC.
Jack McVitie, LEBC's Chief Executive, commented; “Aspira is a business that we have known and admired for many years. I look forward to a successful integration and I am delighted to have the opportunity to work with Derek Miles as a colleague and fellow shareholder.
It is pleasing to be able to enter into this transaction off a fine year to end of September 2017 where we again set records on turnover, profit, margin and cash collection.”
Camilla Kenyon, the Company's representative on the LEBC Board, said; “This is a significant acquisition that will strengthen LEBC through additional experienced personnel and geographic coverage. Aspira is a very good strategic fit, is in strong financial health and conducts its client relationships with the same integrity and commitment that LEBC demands.”