Jersey-headquartered TEAM plc, the wealth, asset management and complementary financial services group, is not proceeding with the proposed acquisition of Homebuyer Financial Services Limited (HBFS), a Jersey based financial planning business, first announced in December 2023.
The acquisition, which the AIM listed business said in a statement on 25 October "will no longer take place", was conditional on raising new capital in 2024.
"While TEAM 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", the statement said, adding that "no payment has been made and both parties have agreed to walk away with no further financial involvement".
Mark Clubb, chairman of TEAM said: "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."
