Tavistock Investments has bought a 21% stake in adviser firm LEBC Group, a provider of employee benefits and group risk products.
The firm has bought £10m worth of shares from Marie McVitie, the widow of LEBC founder and former CEO Jack McVitie. The firm said £6m will be paid upon completion of the deal, which is subject to regulatory approval, and the remaining £4m in 12 months' time aftet the deal is completed. The deal, Tavistock added, will give the firm right of first refusal if any of the company's other shareholders want to sell any shares. BP Marsh & Partners, an AIM-listed company, is LEBC Group's largest shareholders...
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