Update on HBFS acquisition

Team PLC

25 October 2024

 

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

TEAM plc Mark Clubb, Executive Chair Matthew Moore, CFO and COO	[phone]
Strand Hanson (Nominated Adviser to TEAM) Richard Johnson, James Spinney, David Asquith	[phone]
Oberon Capital (Broker to TEAM) Michael Seabrook, Adam Pollock, Jessica Cave	[phone]
Novella Communications (Financial Public Relations) Tim Robertson, Claire de Groot, Safia Colebrook	[phone]
Hannam & Partners (Financial Adviser to TEAM) Giles Fitzpatrick, Richard Clarke	[phone]

www.teamplc.co.uk

 

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