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On 25 October 2024, TEAM plc announced that its proposed acquisition of Homebuyer Financial Services Limited ("HBFS") will no longer proceed. The acquisition, first announced in December 2023, was conditional on raising new capital in 2024. No payment has been made, and both parties have agreed to walk away with no further financial involvement.
| Date | 25 Oct 2024 |
| Time | 15:30:00 |
| Category | Corporate updates |
| ID | 7405J |
25 October 2024
("TEAM", the "Company" or the "Group")
Update on HBFS Acquisition
TEAM plc (AIM: TEAM), the wealth, asset management and complementary financial services group, announces that the proposed acquisition of Homebuyer Financial Services Limited ("HBFS"), a Jersey based financial planning business, first announced in December 2023, will no longer take place. The acquisition was conditional on raising new capital in 2024 and while the Company has raised capital, as announced on 3 April 2024 to support the Group's working capital requirements, investor appetite to support incremental investment has not been forthcoming, reflecting a broader market malaise and levels of uncertainty. No payment has been made and both parties have agreed to walk away with no further financial involvement.
Mark Clubb, Chairman of TEAM, "HBFS is a good business and would have been a good fit with us. We are very disappointed not to have been able to raise the additional funds needed to support this acquisition."
Enquiries to
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TEAM plc Mark Clubb, Executive Chair Matthew Moore, CFO and COO
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Strand Hanson (Nominated Adviser to TEAM) Richard Johnson, James Spinney, David Asquith |
+44 207 409 3494 |
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Oberon Capital (Broker to TEAM) Michael Seabrook, Adam Pollock, Jessica Cave |
+44 20 3179 0500 |
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Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook |
+44 20 3151 7008 |
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Hannam & Partners (Financial Adviser to TEAM) Giles Fitzpatrick, Richard Clarke |
+44 20 7907 8500 |
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