REG - Team PLC - Update on HBFS acquisition

TeamAnnouncement

25/10/2024 15:30

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RNS Number : 7405J  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                                                                 +44 1534 877 210

                                                                        (https://url.avanan.click/v2/___tel:+1534877210___.YXAxZTpzaG9yZWNhcDphOm86NTBkODM5NDVhYzUyMjRjNDQwMTMyNWUyM2NkMjkwNDM6NjpiMWZkOjA1ZTQ1MjRjZmJmMjY5OGEzMjdjMjRkODA4ZDg0MTc2ZmQ1ZWM5MGU0ZDk5YTk2YTViZjQxNmYzMjFjNGZiNjA6cDpU)
 Mark Clubb, Executive Chair

 Matthew Moore, CFO and COO

 Strand Hanson (Nominated Adviser to TEAM)                                +44 207 409 3494

 Richard Johnson, James Spinney, David Asquith

 Oberon Capital (Broker to TEAM)                                          +44 20 3179 0500

 Michael Seabrook, Adam Pollock, Jessica Cave

 Novella Communications (Financial Public Relations)                      +44 20 3151 7008

 Tim Robertson, Claire de Groot, Safia Colebrook

 Hannam & Partners (Financial Adviser to TEAM)                            +44 20 7907 8500

 Giles Fitzpatrick, Richard Clarke

www.teamplc.co.uk
(https://url.avanan.click/v2/___http:/www.teamplc.co.uk___.YXAxZTpzaG9yZWNhcDphOm86NTBkODM5NDVhYzUyMjRjNDQwMTMyNWUyM2NkMjkwNDM6NjpmMGY2OmE3NmNlYjYzYmFhYjIwYzc2ODI1ZjkwYjQxODQ1ZjgwZjRhNGNiMWM4M2IwNTQ5Y2JlZWFmMjg2OGFjZWMyNWI6cDpU)

 

 

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