TEAM plc (TEAM), the wealth, asset management and complementary financial services group, is pleased to announce that it has exchanged contracts to acquire the entire issued share capital of Homebuyer Financial Services Limited (“HBFS”), a Jersey based financial planning business, for total consideration of £2.4 million.
Founded in 1988, HBFS is an established Jersey based financial planning business advising local clients on investments, pensions and protection policies. HBFS has assets under advice of approximately £135 million with over 1,000 clients serviced by 10 full time employees.
HBFS will be integrated into the TEAM platform under the Concentric brand led by its MD, Gordon Bennie.
The firm said “the acquisition of HBFS is in line with TEAM’s strategy to build its representation within the Channel Islands and is the third Jersey based financial planning business to be acquired by the Group, following the acquisitions of Concentric Group and Omega Financial Services in 2022.”
The Company expects that the acquisition will generate significant economies of scale and that the existing HBFS business will benefit from being part of the broader TEAM platform.
Mark Clubb, Chairman of TEAM, commented: “I am delighted to welcome the HBFS team into the Group. We know them well and are confident that they will be a strong addition. This will be our fifth acquisition in Jersey since incorporation and we will focus on eliminating duplicate costs and supporting the team as they build their client base. There is no doubt that we are creating a high calibre service for clients in Jersey.”
Michael Barney, Managing Director of HBFS, said: “I believe that in TEAM we have a found a good home for HBFS. As a London quoted plc, and an established player in our market, it will provide our team an opportunity to grow and develop and our clients with a range of financial services that will enhance the service they receive. I look forward to seeing HBFS flourish under the TEAM banner.”