Team PLC - wealth, asset management and complementary financial services group - Agrees to buy entire issued share capital of Homebuyer Financial Services Ltd, a Jersey-based financial planning business, for GBP2.4 million. Adds that Homebuyer will be acquired with surplus tangible net assets of GBP380,000. The buy is subject to regulatory approval from the Jersey Financial Services Commission, and a fundraising by Team, expected to complete early next year.
Additionally, Team says that it has amicably cancelled its proposed acquisition of Thornton Associates Ltd. The acquisition, which was originally announced in June, was for a consideration of GBP2.5 million.
Chair Mark Clubb says: "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."
Current stock price: 34.00 pence
12-month change: down 39%
By Holly Beveridge, Alliance News reporter
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Team (TEAM)