LEBC Group has bought out Sesame Bankhall’s 10 per cent stake in the business as it turned around losses to make a pre-tax profit of £523,734 for 2012.
In its annual results, the firm showed a marked improvement on 2011 when it lost £577,271 whilst also reporting increases in its assets but a drop in turnover.
The firm reported turnover of £10.1m in 2012, down from £10.2m the previous year, as net assets grew from £225,909 to £625,317. The firm announced a round of cost-cutting last year to improve profitability.
In January last year, LEBC left Sesame to join Tenet as an AR due to “cultural differences” with the network.
LEBC Group chief executive Jack McVitie says: “While the industry continues to go through a very testing time, with most large IFAs struggling with profitability, we have taken the necessary steps to weather this period of turbulence.
“We are encouraged by the strong trading performance in the first quarter of the new financial year, which is having a positive impact on both our net current and total asset positions.”
Sesame Bankhall held a stake in Edinburgh-based LEBC since 2000.