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The acquisition of financial adviser HBFS by asset manager Team PLC will not be proceeding.
The statement by Team PLC, listed on the Alternative Investment Market, included 'Conditions To Completion' and these conditions were not met in full.
As a consequence, the sale of HBFS has been halted.
Michael Barney, HBFS Managing Director & Partner, said: "This has been a highly frustrating process for us and not least because Team PLC chose to make the public announcement of a sale prematurely.
"The sale depended on the Conditions to Completion, including regulatory approval from the Jersey Financial Services Commission and a fundraising by the Company, which was expected to occur in early 2024.
"Although regulatory approval was granted, critically Team PLC was unable to raise the necessary funds to purchase HBFS.
"However, they chose to make a public announcement, including making it available amongst their stock listings, to Alternative Investment Market investors and in the Jersey media, in advance of a successful completion."
He continued: "We believe it is important that our clients are given a clear explanation and also our assurance that the high standards of care and trust we offer have been maintained throughout this process.
"It is equally frustrating for our team that such an ill-advised announcement was made at a time when we would be introducing new investment opportunities and the focus on this could have been threatened.
"We have a highly talented, stable and long-term team of professionals at HBFS and we have, and will maintain this team with the interests of our clients remaining at the heart of what we do."
Mark Clubb, Chairman of TEAM, added: “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.”
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