TEAM plc share price, company news, analysis and interviews

TEAM plc (LON:TEAM), the wealth, asset management and complementary financial services group, has announced 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 in cash.

Executive Chairman Mark Clubb joins DirectorsTalk Interviews to discuss the acquisition of HBFS. Mark talks us through the strategic rationale behind the acquisition, now having bought 3 Financial Planners in Jersey in the last 18 months the objectives for this part of the business, the immediate plans for HBFS and expectations for 2024.

HBFS overview

·   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.

·   In addition, HBFS offers savings and retirement planning, insurance cover and mortgage and loan services to its Jersey client base.

·   In the year ended 31 January 2023, HBFS generated audited revenues of approximately £1.3 million with a loss before tax of £15,000 and as at 31 January 2023 had audited gross assets of £838,000.

Consideration

The total consideration of £2.4 million is payable in cash on completion. HBFS will be acquired with surplus tangible net assets of £380,000, equivalent to the required level of regulatory capital for the business.

Conditions To Completion

The acquisition is subject to various conditions, including regulatory approval from the Jersey Financial Services Commission and a fundraising by the Company which is expected to occur in early 2024.

Acquisition rationale

·    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.

·     HBFS will be integrated into the TEAM platform under the Concentric brand led by its MD, Gordon Bennie.

·    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.

Update on Thornton acquisition

·   In June 2023, TEAM announced the acquisition subject to regulatory approval of financial planning business, Thornton for consideration of up to £2.5 million. Since then, Thornton’s management team has decided to remain independent and TEAM has agreed to an amicable cancellation of the proposed acquisition.

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.”

TEAM plc (LON:TEAM) is a wealth, asset management and complementary financial services group.

TEAM plc (LON:TEAM), a dynamic player in wealth and asset management is pleased to announce that it has acquired the entire issued share capital of (“Neba Wealth”) and Neba Financial Solutions Private Ltd (“Neba Singapore”) for a total initial consideration of £1.181 million to be satisfied by the issue by the Company of a loan note which is convertible into new TEAM shares.

This acquisition marks a pivotal expansion of TEAM plc’s international reach and marks a new the entrance of a new platform in global wealth management.

Highlights

• A newly created division, called TEAM East, will comprise of Neba and all the operations of Globaleye Group which was acquired by the Company in June 2023, creating a significant base to build a financial services business in developing markets.
• An intention to recruit high calibre financial advisers to TEAM East, driving growth in AUA and inflows into TEAM Asset Management funds and models (TEAM AM).
  Creating a New Platform in Global Wealth Management

Executive Chairman Mark Clubb joins DirectorsTalk Interviews to discuss the acquisition of Neba Wealth Management.

Mark talks us through the strategic rationale behind the acquisition, combining Neba with Globaleye under Team East, bringing John Beverley to the company and how quickly Mark expects to expand TEAM East.

The Birth of Neba Private Clients under TEAM East

As part of this strategic growth, Globaleye and the Neba businesses are to be rebranded as Neba Private Clients, operating under the TEAM East division. This rebranding represents our commitment to providing bespoke private client services at a global level.

Empowering Financial Advisors Globally

• The acquisition is a significant milestone in enhancing the global proposition for financial advisors. Neba Private Clients and TEAM will offer a powerful platform for financial advisors worldwide, providing unparalleled resources, support, and opportunities for growth.
• Top tier international financial advisors are expected to join Neba Private Clients and the Neba Network brand, where innovation meets tradition in wealth management, enabling an opportunity to be a part of a visionary network that values their expertise and supports personal growth.

Strategic Vision and Integration

• John Beverley, the driving force behind Neba, joins TEAM as the Managing Director of TEAM East. John’s leadership will be instrumental in synergising the strengths of Neba with Globaleye, redefining the future of international wealth management.
• Globaleye’s previous two senior managers have left the business and the Company is grateful for their leadership and smooth handover to John Beverley. The integration of Neba and Globaleye is well underway and marks the start of a new beginning for both businesses.

A Gateway to Enhanced Opportunities:

• The merger of Neba and Globaleye under the Neba Private Clients banner is designed to bolster TEAM’s strategic presence in key markets across Asia, East Africa, South America, and the Middle East.
• Our focus is clear – to support the best financial advisors globally and provide them with an ecosystem that fosters growth, innovation, and client-centric services.

Mark Club, Chairman of TEAM, commented: “John Beverley is a successful entrepreneur who has a disciplined approach with deep knowledge and extensive experience of overseas financial services markets. Under John, TEAM East will build a high-quality advisory service. I am confident that our reputation will continue to grow which, in turn, will support John as he spearheads our next phase
through the recruitment of high calibre individuals to expand our client base. John will become a meaningful shareholder following conversion of his loan note aligning him with all shareholders. This is undoubtedly an exciting next step for TEAM as a whole.”

John Beverley, Founder and Managing Director of Neba, said: “I am delighted to be joining and directing TEAM East. Over the past eight years, I have built Neba Wealth and Neba Singapore into two attractive and bespoke businesses in the international financial advisory market. Moving these two businesses into TEAM East was not only the natural next step, but a unique opportunity to partner with
a reputable quoted company as it embarks on the next stage of its global strategy.”