UK-based Tavistock Investments has sold financial advice research and data provider LEBC Hummingbird to Asprira Corporate Solutions for £3m ($3.6m, €3.4m).
Tavistock acquired the firm in May 2022 for the same sum, after purchasing a 21% stake in parent company LEBC Holdings for £10m.
Under the deal, LEBC Group subsidiary Aspira Corporate Solutions has paid £1.5m on completion and £1.5m on 30 November 2022.
The Hummingbird sale was announced on the London Stock Exchange on 1 December, a day after the final payment to LEBC was due.
Originally, Tavistock acquired Hummingbird to provide LEBC Group with “additional working capital”, it said.
“However, as an alternative source of working capital was subsequently identified for LEBC Group, Tavistock agreed to sell Hummingbird to Aspira on the same terms as those on which it had been purchased in May 2022.”
Hummingbird is an unregulated business that provides research on the asset class allocations to be used within funds and model portfolios.