TEAM looks east with latest acquisition

Monday 18 December 2023

TEAM Plc has acquired the entire issued share capital of Neba Wealth and Singapore-based Neba Financial Solutions Private in a deal worth around £1.2m.

This will result in the creation of a new division called TEAM East comprising of Neba and all the operations of Globaleye Group, which was acquired by the company in June 2023.

Globaleye and the Neba businesses are to be rebranded as Neba Private Clients, operating under the TEAM East division.

Neba's John Beverley joins TEAM as the Managing Director of TEAM East, while Globaleye's previous two senior managers have left the business. TEAM said it was "grateful for their leadership and smooth handover" to Mr Beverley.

TEAM's Chair, Mark Clubb (pictured top), 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."

Mr Beverley added that he was "delighted to be joining and directing TEAM East", adding that bringing the Neba businesses under the TEAM banner seemed like a "natural next step" and a "unique opportunity to partner with a reputable quoted company as it embarks on the next stage of its global strategy".

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.