LCG Management Buyout: Basi and Worsfold Acquire London Capital Group from Charles Sabet

A Timeline of LCG’s Transformation

2018 – Separation from Troubled Parent

LCG was originally part of London Capital Group Holdings, which was delisted from the London Stock Exchange and later liquidated. Sabet, then CEO, bought the UK entity, saving it from collapse.

2020 – FlowBank Launch

Sabet founded FlowBank, a Swiss online broker, and restructured LCG under its ownership. FlowBank held 100% of LCG UK’s share capital.

2023 – Pivot to Introducing Broker

LCG radically changed its business model, becoming an exclusive introducing broker for IG Group – a former UK rival. This shift allowed LCG to leverage IG’s infrastructure while earning commissions on client referrals.

2024 – FlowBank Bankruptcy & FCA Restrictions

• FlowBank was forced into bankruptcy by Swiss regulator FINMA in June 2024.

• The FCA imposed temporary restrictions on LCG UK – blocking new client onboarding and money acceptance.

• However, because LCG UK was structurally independent from the Swiss parent and its Bahamian affiliate, the restrictions were lifted within weeks. The independent setup proved to be a lifesaver.

2025 – Debt Restructuring

LCG faced a £6.6 million intercompany debt to FlowBank and a £4.8 million receivable from SLCG International DMCC (which defaulted). Liquidators executed a debt swap, reducing LCG’s obligation to just £200,000 and preserving its solvency.

2026 – Management Buyout Finalised

In September 2025, Basi and Worsfold submitted a non‑binding offer of £510,000 to acquire all shares. The deal closed in August 2026, as confirmed by the latest Companies House filing.

What Happened to the Bahamian LCG Entity?

Outside the UK, the LCG brand was also used by a Bahamas‑regulated entity (LCG Capital Markets Ltd, trading as FlowBroker). That entity had close operational ties to FlowBank and maintained funds at the Swiss bank. Following FlowBank’s collapse, it became “impossible” to continue, and the Bahamian arm ceased operations – later entering liquidation in 2025.

Crucially, the UK and Bahamian entities operated independently, with no business or financial links beyond sharing the same brand. This separation allowed the FCA‑regulated UK firm to survive.

LCG’s Current Financial Position

• 2024 net profit: £478,000 (recovery from a £6 million loss in 2023).

• 2025 revenue: £1.69 million (down 18% from £2.07 million in 2024), with a small net loss of £68,500.

• Core strength: 21% year‑on‑year growth in its introducing broker partnership with IG Group.

The management buyout stabilises ownership, with the executive team now holding direct equity – aligning their interests with long‑term growth.

Investor Protection Reminder

Always verify a broker’s FCA authorisation before depositing funds. LCG UK remains fully authorised and regulated.

Be cautious of clone firms or unauthorised entities misusing the LCG name.

Related Reports

LCG Ceases Operations Due to FlowBank Bankruptcy

LCG UK is Looking for Potential Share Buyers