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June 6, 2019

Fairstone continues buying spree with double purchase

Consolidator Fairstone has bought Leicester-based Bankfield Financial Advisers and Devon-based South West Financial Planning (SWFP).

Both the acquired entities deliver wealth management and holistic financial planning services.

The consolidator did not reveal the value of the acquisitions.

The deals added over £120m in funds under management to Fairstone’s books.

As part of the deals, 12 advisers and seven support staff have moved to Fairstone.

The takeovers also increase the consolidator’s client base by 2,700.

Bankfield company principal Naren Naik said: “Having spent time with the most senior members of Fairstone, I was satisfied these were people I could trust to honour their commitment to do the best for my clients and staff.

“I am pleased to say that the trust was well-founded.”

The acquisitions were made under Fairstone’s downstream buy out (DBO) model, which involves Fairstone taking a stake in the acquired firm before completely integrating the firm.

Including the latest deal, Fairstone has carried out four acquisitions through the DBO programme this year.

Fairstone CEO Lee Hartley said: “Both Bankfield and SWFP are dedicated to quality service and like Fairstone, take a client-centric approach to business.

“Fairstone also places a focus on firms with an appetite to grow and develop and this is an ambition shared by both Bankfield and SWFP.”

Last month, the consolidator snapped up Brett & Randall Financial Services.

Earlier this year, Fairstone acquired Pensions and Wealth Management Services.

Each of the two deals added around £200m in funds under management to Fairstone’s portfolio.

 

 

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