London Capital Group (LCG) has undergone a change of control after Charles Sabet sold his stake in the firm to two of its senior executives, David Worsfold and Matthew Basi. The transaction transfers ownership of the Financial Conduct Authority (FCA)-regulated entity to MBDW Holdings, a company ultimately owned by Worsfold and Basi.
According to the latest Companies House filings, the ownership change officially took place on Wednesday, 19 August 2026. The documents do not disclose the value of the transaction. Following the deal, MBDW Holdings, which appears to reflect the initials of the two executives, has become the full owner of LCG's UK-regulated business.
New ownership and leadership structure
Under the new structure, LCG is ultimately owned by its existing management team. Matthew Basi currently serves as Managing Director of LCG, while David Worsfold is the Chief Executive. Their move to acquire the company from Sabet consolidates operational control and ownership within the firm's leadership.
The transaction marks a further step in the separation of LCG's UK operations from the issues surrounding its former Swiss parent. FlowBank, the Swiss bank founded by Sabet, previously owned LCG, but the UK business continued separately after FlowBank's collapse.
Background on LCG and FlowBank links
LCG has experienced multiple ownership and structural changes in recent years. Previously, the group formed part of London Capital Group Holdings, which encountered difficulties after delisting from the London Stock Exchange and NEX Exchange in 2018. That same year, Sabet, then Chief Executive, acquired LCG, separating it from the troubled former parent, which was subsequently liquidated.
After launching Switzerland-based FlowBank in 2020, Sabet implemented further structural changes to LCG's ownership. Following the collapse of FlowBank, the FCA imposed restrictions on LCG's UK entity. These measures prevented the firm from onboarding new clients, accepting new client money and carrying out certain regulated activities. The restrictions were later lifted, reflecting the independent nature of LCG's UK business.
Business model shift and international footprint
In 2023, LCG changed its business model, becoming an exclusive introducing broker for IG Group, a company that had previously been considered a local rival. This strategic shift repositioned LCG's role in the market while maintaining its UK regulatory status.
Outside Britain, the LCG brand is also operated by a Bahamas-regulated entity. That offshore operation has ceased activities following FlowBank's bankruptcy, further concentrating LCG's ongoing presence in the UK-regulated business now owned by MBDW Holdings.
