The multi-year FlowBank bankruptcy saga is finally coming to a close.

FNG has learned that Dave Worsfold and Matt Basi, who have managed FCA regulated CFDs broker London Capital Group (or LCG) for the past several years as a subsidiary of Swiss neobank / neobroker FlowBank, have acquired joint control of LCG from the bankruptcy estate of FlowBank.

Some quick history….

LCG, once a LSE listed company, was taken private by longtime CEO Charles-Henri Sabet and then folded into newly established FlowBank in 2020. As Mr. Sabet focused on building out FlowBank in Switzerland, he hired former ADSS COO Dave Worsfold and ex CMC Markets executive Matt Basi to run LCG out of London.

However things didn’t last long at FlowBank.

FlowBank was forced into bankruptcy by Swiss regulator FINMA in June 2024. And since then, appointed liquidator Walder Wyss has been looking for a buyer for LCG, which has continued to operate independently.

However finding a buyer has been a difficult job from the start. LCG had changed over from being a principal broker to an Introducing Broker model, mainly via an IB agreement with IG Group. LCG revenues have been in decline. And an IB is a difficult thing to sell, with most of the “value” tied up in the management team and its relationships with both clients, and the brokers it sends business to.

And so, it seems as though the parties have agreed to essentially hand over ownership of LCG to Dave Worsfold and Matt Basi. The two have set up a holding company called MBDW Holdings Limited (not surprisingly, the name consists of the two gentlemen’s initial), with ownership of MBDW Holdings Limited split between Matt Basi’s Izzia Holdings Ltd, and Dave Worsfold’s DFW Holdings Ltd.