Jersey-based wealth manager and financial services group TEAM plc has acquired its third Financial Planning business, it announced today.

TEAM is acquiring Jersey-based Homebuyer Financial Services Limited (HBFS) for £2.4m in cash.

HBFS was founded in 1988 and is long-standing Jersey-based Financial Planning business providing investments, pensions and protection policies to retail clients.

It is based in offices in the Jersey capital of St Helier and has assets under advice of approximately £135m with over 1,000 clients serviced by 10 full time employees.

HBFS specialises in 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.

TEAM says the deal is in line with its strategy to build its presence in the Channel Islands and is the third Jersey-based Financial Planning business to be acquired by the group. TEAM acquired Concentric Group and Omega Financial Services in August 2022.

TEAM says it expects the transaction to generate “significant economies of scale” and that the existing HBFS business will benefit from being part of the broader TEAM platform. The HBFS office will close as part of the integration process.

Mark Clubb, chairman of TEAM, said: “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.”

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 after in a consultancy capacity, the firm said.

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.”