Sunday 26 June 2022
Select a region
Business

TEAM Plc buys Concentric in £2.5m transaction

TEAM Plc buys Concentric in £2.5m transaction

Wednesday 18 May 2022

TEAM Plc buys Concentric in £2.5m transaction

Wednesday 18 May 2022


TEAM Plc has bought Concentric in a transaction involving £1.7m in cash and up to £0.8m of new shares in TEAM.

AIM-listed TEAM said that Concentric had “an entrepreneurial management team who are well known to TEAM and the acquisition will facilitate a natural step up in the existing working relationships between the two businesses”.

It added that on completion of the acquisition, which is subject to regulatory approval, the directors expected TEAM to have assets under management and advice of approximately £550m, with approximately £1.4 billion of cash under advice.

Matthew Moore, TEAM’s Chief Financial Officer, said: “Concentric is led by an experienced, ambitious team who have built a good business, growing the client base, services and staff, revenues and EBITDA in a challenging market. 

“We are delighted they see the transaction as a stepping stone to achieve their own goals, by being part of a larger wealth-management business, with shared values and the ability to offer clients a broader range of investment advice services.”

The acquisition is the fourth that TEAM has made since its founding in January 2020. In December, it bought Jersey-based IFA consultancy Omega, which is awaiting regulatory approval, expected to complete this autumn.

TEAM was advised by Hatstone Lawyers in connection with the acquisition.

Pictured top - left to right: Concentric Directors James Painter and Gordon Bennie, and TEAM Executive Chairman Mark Clubb.

Sign up to newsletter

 

Comments

Comments on this story express the views of the commentator only, not Bailiwick Publishing. We are unable to guarantee the accuracy of any of those comments.

Once your comment has been submitted, it won’t appear immediately. There is no need to submit it more than once. Comments are published at the discretion of Bailiwick Publishing, and will include your username.

There are no comments for this article.

To place a comment please login

You have landed on the Bailiwick Express website, however it appears you are based in . Would you like to stay on the site, or visit the site?