Financial services group Team has bought Jersey-based Homebuyer Financial Services for £2.4mn, subject to regulatory approval.
Founded in 1988, HBFS is a financial planning business selling investments, pensions and protection policies to retail clients.
Working out of offices in St Helier, HBFS has assets under advice of approximately £135mn with over 1,000 clients serviced by 10 full time employees.
It specialises in offering savings and retirement planning, insurance cover and mortgage and loan services to its Jersey client base.
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.”
Team said the purchase of HBFS is in line with its strategy to build its representation within the Channel Islands and is the third Jersey-based financial planning business to be acquired by the group.
In 2022, it bought Concentric Group and Omega Financial Services.
The firm said it expects that the transaction will generate significant economies of scale and that the existing HBFS business will benefit from being part of the broader platform.
Mark Clubb, chairperson 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.”
As part of the deal, HBFS will be integrated into the Team platform under the Concentric brand led by its managing director, Gordon Bennie.
The firm also said 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 firm for a three-month handover period and will be available thereafter in a consultancy capacity.
sonia.rach@ft.com
