Wealth supervisor buys third Planner agency in £2.4m deal



Jersey-based wealth supervisor and monetary companies group TEAM plc has acquired its third Monetary Planning enterprise, it introduced right now.

TEAM is buying Jersey-based Homebuyer Monetary Providers Restricted (HBFS) for £2.4m in money.

HBFS was based in 1988 and is long-standing Jersey-based Monetary Planning enterprise offering investments, pensions and safety insurance policies to retail shoppers.

It’s based mostly in workplaces within the Jersey capital of St Helier and has property beneath recommendation of roughly £135m with over 1,000 shoppers serviced by 10 full time staff.

 

HBFS specialises in financial savings and retirement planning, insurance coverage cowl and mortgage and mortgage companies to its Jersey shopper base. The acquisition is topic to regulatory approval from the Jersey Monetary Providers Fee.

TEAM says the deal is in keeping with its technique to construct its presence within the Channel Islands and is the third Jersey-based Monetary Planning enterprise to be acquired by the group. TEAM acquired Concentric Group and Omega Monetary Providers in August 2022.

TEAM says it expects the transaction to generate “vital economies of scale” and that the prevailing HBFS enterprise will profit from being a part of the broader TEAM platform. The HBFS workplace will shut as a part of the mixing course of.

Mark Clubb, chairman of TEAM, stated: “I’m delighted to welcome the HBFS crew into the group. We all know them nicely and are assured that they are going to be a powerful addition.”

“This might be our fifth acquisition in Jersey since incorporation and we are going to concentrate on eliminating duplicate prices and supporting the crew as they construct their shopper base. There isn’t a doubt that we’re making a excessive calibre service for shoppers in Jersey.”

HBFS might be built-in into the TEAM platform beneath the Concentric model led by its MD, Gordon Bennie. It’s supposed that HBFS’ workplace will shut and the crew will transfer into Concentric’s workplaces in St Helier. HBFS’ shareholders and administrators, Michael Barney and Marzena Dziewulska, will stay with the corporate for a three-month handover interval and might be accessible after in a consultancy capability, the agency stated.

Michael Barney, managing director of HBFS, stated: “I imagine that in TEAM we have now a discovered a great dwelling for HBFS. As a London-quoted plc, and a longtime participant in our market, it can present our crew a chance to develop and develop and our shoppers with a spread of monetary companies that can improve the service they obtain. I stay up for seeing HBFS flourish beneath the TEAM banner.”




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