Founded in 1988, HBFS sells investments, pensions and protection policies to retail clients. The company has assets under advice of approximately £135 million, with more 1,000 clients serviced by ten full-time employees.
HBFS specialises in offering savings and retirement planning, insurance cover and mortgage and loan services to its Jersey client base.
The acquisition is subject to regulatory approval from the Jersey Financial Services Commission.
TEAM chairman Mark Clubb said that the acquisition of HBFS was in line with TEAM’s “strategy to build its representation within the Channel Islands” and is the third Jersey-based financial planning business to be acquired by the group, following the acquisitions of Concentric Group and Omega Financial Services in 2022.
“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,” Mr Clubb added.
“This will be our fifth acquisition in Jersey since our 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.”
HBFS will be integrated into the TEAM platform under the Concentric brand, which is led by managing director Gordon Bennie. It is intended that HBFS’ office will close and that the team will move into Concentric’s offices in St Helier.
HBFS’ shareholders and directors Michael Barney and Marzena Dziewulska will remain with the company for a three-month handover period and will be available thereafter in a consultancy capacity.
Mr Barney, who is the 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 under the TEAM banner.”
