Fairstone has accelerated its downstream buyout programme (DBO) with the purchase of Nottingham-based financial planning firm James Ryan Thornhill for an undisclosed amount.

Under DBO model, the company first purchases a stake in the to-be acquired firm and integrates it over a two-year period, before the final purchase.

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The latest deal adds five advisers, eight support staff, and 1,000 clients to the company.

It also brings gross annual fee income of around £1.2m and funds under management of over £160m.

Fairstone CEO Lee Hartley said: “We are delighted to welcome James Ryan Thornhill into our downstream buy out programme.

“The team at James Ryan Thornhill are committed to building quality long-term client relationships and their focus on quality advice and superior service is exactly what we are looking for in a business.”

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Del-Ryan Rafter principal James Ryan Thornhill said: “Since partnering with Fairstone we are enjoying the best of both worlds; being able to provide business as usual to our clients whilst having the support of a major national Chartered IFA firm.”

Newcastle-headquartered Fairstone, which recently secured a major funding from private equity firm TA Associates, has been accelerating its M&A strategies in the recent years.

This year, the firm acquired Dundee-based Findlay & Company Financial Services, Glasgow-based financial advisory firm Chartermarque and Hammett and Petch Financial Planning.

Fairstone made a number of purchases last year, including that of south west-based financial planning firm Sovereign Wealth Management, South Wales-based UskVale Financial Planning, Berkshire-based advice firm Chiltern House, and Lincolnshire-based MT Financial Management among others.