MARSH AND WADE INCREASE STAKE IN BESSO

A group of investors have acquired a 37% stake in privately owned Lloyd's broker Besso Holdings for almost £2.5m. The deal raises their combined holding in Besso to 60%. The investors include venture capital firm BP Marsh & Partners, Brian Marsh Enterprises and Michael Wade. Brian Marsh Enterprises and Mr Wade acquired a 26.3% stake in Besso from Union Hamilton Reinsurance for £1.7m. BP Marsh also paid Union Hamilton £735,000 in cash for an 11% equity stake in the London-based broker. The move raises BP Marsh's equity interest in Besso to 34.0%. Brian Marsh Enterprises and Mr Wade, who is the chairman of Besso Ltd, hold 11.3% and 15.0% respectively. As a result of the deal Brian Marsh has stepped down as Besso chairman and has been replaced by Mr Wade. Besso was established by a team of departing Jardine Lloyd Thompson brokers with BP Marsh backing in 1995.