News · Analysis
LCG Ownership Passes to Executives Basi and Worsfold
Charles Sabet has sold his stake in London Capital Group (LCG) to the firm's own executives, Matt Basi and Dave Worsfold, according to Companies House filings dated 19 August 2026. The FCA-regulated entity is now held through a newly formed vehicle, MBDW Holdings, controlled by the two men. The transaction value was not disclosed. The change follows the collapse of FlowBank, the Swiss bank founded by Sabet that had previously owned LCG, and confirms that LCG's UK business continues to operate independently of its former Swiss parent.
London Capital Group, a long-standing name in the UK retail trading market, has changed hands again. According to Finance Magnates (19 August 2026), Charles Sabet has exited the ownership structure entirely, transferring his stake to Matthew Basi, LCG's Managing Director, and David Worsfold, its Chief Executive. The move is documented in Companies House filings, which the outlet cites as the source for both the timing and the mechanics of the transaction, though not its value.
What happened
Per the filings referenced by Finance Magnates, ownership of LCG's FCA-regulated entity has passed to MBDW Holdings, a vehicle whose name appears to derive from the initials of its two owners. Basi and Worsfold now control the business outright, having previously run it as executives under Sabet's ownership. The filings do not disclose what, if anything, was paid for the stake, and the article is explicit that this detail is absent from the public record.
This is not LCG's first ownership change in recent years. Sabet originally acquired LCG in 2018 after it delisted from the London Stock Exchange and NEX Exchange, separating the business from its former parent, which was subsequently liquidated, according to the source. He later restructured LCG's ownership after founding the Swiss institution FlowBank in 2020. FlowBank's collapse has now prompted this latest change.
Why it matters
The reshuffle is significant chiefly because of what preceded it. FlowBank's bankruptcy triggered restrictions imposed by the FCA on LCG's UK entity, preventing it from onboarding new clients, accepting new client money, or carrying out certain regulated activities, according to Finance Magnates. Those restrictions were subsequently lifted, which the outlet attributes to the independent structural nature of the UK business relative to its Swiss former parent. The clean separation of ownership now, with Sabet stepping away entirely, appears to formalise that independence rather than establish it.
It is also notable that LCG's Bahamas-regulated entity, which operated under the same brand but had no business ties to the UK arm beyond shared branding and parentage, has ceased operations following FlowBank's failure, per the source. The UK entity's survival, and now its full transfer to executive ownership, underscores how the ring-fenced structure of the FCA-regulated business shielded it from the wider group's difficulties.
What it means for traders
For existing LCG clients in the UK, the immediate operational picture is one of continuity under the same leadership team that has run the firm since its 2023 shift to an introducing broker model for IG Group, its former local rival, as reported by Finance Magnates. The management personnel have not changed; only the ownership layer above them has. Traders assessing counterparty risk at any regulated broker should weigh regulatory status, client money segregation and corporate structure rather than headline ownership changes alone. Readers comparing regulated brokers more broadly may find our Best Regulated Broker winners a useful point of reference, and our methodology page sets out how such assessments are conducted.
What to watch
Key questions remain open. The transaction value has not been disclosed, and it is unclear whether MBDW Holdings intends any change to LCG's current introducing broker arrangement with IG Group. Whether Companies House filings or subsequent FCA disclosures shed further light on the deal's terms, and whether the ownership change prompts any shift in LCG's regulatory permissions or business model, will be worth tracking in the coming months.
FAQ
Who now owns London Capital Group? According to Companies House filings cited by Finance Magnates (19 August 2026), LCG's FCA-regulated entity is now owned by MBDW Holdings, controlled by executives Matthew Basi and David Worsfold, following Charles Sabet's exit.
Was the sale price disclosed? No. Finance Magnates reports that the Companies House filings do not disclose the value of the transaction.
Why did Charles Sabet sell his stake? The article links the change to the collapse of FlowBank, the Swiss bank Sabet founded, which had owned LCG; the UK entity's independent structure allowed it to continue operating after FCA restrictions were lifted, per the source.