TEAM plc buys Omega Financial Services for £4.0mn

TEAM plc buys Omega Financial Services for £4.0mn

LONDON, UK: TEAM plc announced the acquisition of the entire issued share capital of Omega Financial Services Limited.

Omega Financial is a Jersey-based IFA, specialising in retirement planning, mortgage advice, life assurance and bespoke investment advisory services.

An initial consideration of £2.0 million is payable in cash, plus further deferred consideration of up to £2.0 million in a mixture of cash and new shares in TEAM. The transaction is subject to approval by the Jersey Financial Services Commission.

Matthew Moore COO and CFO of TEAM, commented: “Omega has a first-class reputation amongst its clients, is a natural partner with TEAM Asset Management for investment management services, and is therefore an ideal entry point into the advice space in Jersey for TEAM plc.

We believe it is a good transaction for TEAM plc shareholders, staff and clients, and we are very much looking forward to working side by side with the Omega team and seeing the future benefits of our joint efforts.”

TEAM was established to become a leading wealth and asset management business via (amongst other paths) acquiring wealth management businesses which add to scale and breadth of the services provided to clients

Omega Financial is a successful Jersey-based IFA providing financial and investment advice to over 500 clients, with assets under advice (AUA) of £77 million (as at 30 Sept 2021) and a solid track record of profitability

In the 12 months to 31 December 2020, Omega generated revenues of £1.1 million and made a net profit before directors’ payments of £0.85 million.

The acquisition is an ideal fit with TEAM’s existing businesses and investment expertise, expanding the Jersey client base as well as introducing financial advice expertise into the Group, which we expect to be of relevance to existing and future investment management clients.

www.teamplc.co.uk

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