Team plc, the wealth, asset management and complementary financial services group, has acquired Homebuyer Financial Services Limited (HBFS), a Jersey based financial planning business.
Team acquired the entire issued share capital of HBFS for the total consideration of £2.4 million in cash.
Founded in 1988, HBFS is an established Jersey based financial planning business selling investments, pensions and protection policies to retail clients.
Working out of offices in St Helier, HBFS has assets under advice of approximately £135 million with over 1,000 clients serviced by 10 full time employees. HBFS specialises in offering savings and retirement planning, insurance cover and mortgage and loan services to its Jersey client base. The acquisition is subject to regulatory approval from the Jersey Financial Services Commission.
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 transaction will generate significant economies of scale and that the existing HBFS business will benefit from being part of the broader Team platform.
“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.” Said Mark Clubb (shown in main picture), Chairman of Team, “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.”
HBFS will be integrated into the Team platform under the Concentric brand led by its MD, Gordon Bennie. It is intended that HBFS’ office will close and the team will move into Concentric’s offices in St Helier. HBFS’ shareholders and directors, Michael Barney and Marzena Dziewulska, will remain with the Company for a three-month handover period and will be available thereafter in a consultancy capacity.
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.”
