B.P. Marsh sells stake in Broucour

22nd Apr 2016 12:08

(ShareCast News) - Niche venture capital provider B.P. Marsh & Partners confirmed a major disposal on Friday, selling its 49% stake in the Broucour Group to its founder and managing director Rupert Cattell for £341,000.The AIM-traded firm said the sale price was equal to Broucour's most recent published valuation, and the outstanding loan of £330,000 will be paid in full."Broucour has two wholly owned subsidiaries, Turner Butler Limited and Owner Sellers Limited, who act as agents for sellers of SME's in the sub-£3million bracket," Marsh's board said in a statement."The company originally invested in Owner Sellers Limited in 2008 and has supported the company for a number of years, including funding the purchase of Turner Butler Limited in 2012, and overseeing the reorganisation of the business thereafter," it explained.Under the terms of the transaction, Marsh's group finance director Jonathan Newman will resign as a non-executive director on the board of Broucour, as well as Turner Butler and Owner Sellers.The market appeared to react well to the news, with shares in B.P. Marsh up 2.31% to 155p at 1150 BST on Friday.