Investor says talks may lead to sale of Lloyd’s broker
Lloyd’s broker Besso is in talks with potential investors about additional investment, or even the possible sale of the entire company.
Broker-focused investment firm BP Marsh, which owns 42% of Besso, said it is involved in the talks which might result in it selling its stake in the company.
Marsh announced in July that Besso had engaged Canaccord Genuity to carry out a strategic review.
“This review is at a stage whereby discussions are underway with potentially interested parties with a view to sale of, or investment in Besso,” Marsh said.
“BP Marsh has been an active party in these discussions” it said, adding that, “There can be no certainty that these discussions may lead to the Company disposing of its interest in Besso’s shares.”
Marsh said Besso “has continued to perform well in the current market place” with strong results in the first six months of this year. For the whole of 2015, Besso reported revenues up 16% to £37.6m and EBITDA up 15% to £4.17m.
Marsh reported net profit for the six months to July up 19.5% to £4.0m.
During the period Marsh said it reviewed 45 investment opportunities, of which 69% were insurance-related.
“The current economic outlook presents a mixed picture and the group is prepared for continuing turbulence as the implications of the EU Referendum decision, concerns about the health of European banks and the forthcoming American elections impact upon the global economy,” said chairman Brian Marsh.