The acquisition is for a total initial consideration of £1.181 million to be satisfied by the issue by the Company of a loan note which is convertible into new TEAM shares.
A newly created division, called TEAM East, will comprise of Neba and all the operations of Globaleye Group, which was acquired by the Company in June 2023, creating a significant base to build a financial services business in developing markets. As part of this strategic growth, Globaleye and the Neba businesses are to be rebranded as Neba Private Clients, operating under the TEAM East division.
John Beverley, the driving force behind Neba, joins TEAM as the Managing Director of TEAM East.
Mark Clubb (pictured), Chairman of TEAM, commented: “John Beverley is a successful entrepreneur who has a disciplined approach with deep knowledge and extensive experience of overseas financial services markets. Under John, TEAM East will build a high-quality advisory service. I am confident that our reputation will continue to grow which, in turn, will support John as he spearheads our next phase through the recruitment of high calibre individuals to expand our client base.
“John will become a meaningful shareholder following conversion of his loan note aligning him with all shareholders. This is undoubtedly an exciting next step for TEAM as a whole.”
John Beverley, Founder and Managing Director of Neba, said: “I am delighted to be joining and directing TEAM East. Over the past eight years, I have built Neba Wealth and Neba Singapore into two attractive and bespoke businesses in the international financial advisory market. Moving these two businesses into TEAM East was not only the natural next step, but a unique opportunity to partner with a reputable quoted company as it embarks on the next stage of its global strategy.”
