Matt Basi and Dave Worsfold Become Owners of London Capital Group
London Capital Group has changed its ownership structure, with Charles Sabet ceasing to be a
Person with Significant Control and MBDW Holdings Limited becoming a
registrable Relevant Legal Entity.
MBDW Holdings is
linked to LCG’s current management. Its directors are David Worsfold
and Matthew Basi. Worsfold is LCG’s Chief Executive Officer, while Basi
is Managing Director. The pair took over management of LCG before the latest
ownership change.
Worsfold and Basi were
previously listed as PSCs of MBDW Holdings. Their PSC status later ended, with
DFW Holdings and Izzia Holdings becoming registrable PSCs of MBDW Holdings.
LCG Control Shifts from Sabet to MBDW
The changes were
recorded in Companies House filings received today (Wednesday) and took effect yesterday.
Sabet ceased to be a PSC on the same day that MBDW Holdings became a
registrable RLE.
The filings do not
disclose the value of any transaction or explicitly state that MBDW Holdings
acquired LCG. They indicate a change in LCG’s registered control structure, but
do not provide details of the underlying transaction.
Companies House had
previously listed Sabet as an active PSC, with ownership of more than 25% but
no more than 50% of LCG’s shares.
LCG Resumes Operations After FCA
Restrictions
The latest filing
marks another change in LCG’s ownership following the collapse of FlowBank, the
Swiss bank founded by Sabet. FlowBank previously owned LCG, while LCG’s UK
operations continued separately after the Swiss parent failed.
The Financial Conduct
Authority subsequently imposed restrictions on LCG’s UK entity following
FlowBank’s collapse. The restrictions prevented the company from onboarding new
clients, accepting new client money and carrying out certain regulated activities.
LCG had shifted to an
introducing-broker model with IG Group before the latest ownership change. The
FCA later lifted the restrictions on the UK entity.
This article was written by Tareq Sikder at www.financemagnates.com.
