Fairstone Group, a UK-based chartered financial planning firm, has acquired a minority stake in advice firm McParland and Partners for an undisclosed sum.
Incorporated in 1992 and acquired by Sean McParland in 1996, McParland and Partners is based out of Nelson, and operates offices in Manchester and Sheffield.
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The company provides financial planning and investment services to more than 2000 small and medium-sized enterprises (SMEs) and HNW clients.
The acquisition will bring total revenue of £1.6m and funds under management (FUM) of nearly £160m to Fairstone. Additionally, 10 advisers and 13 support staff will join the firm.
Recently, Fairstone purchased Sale-based advisory firm Avidus Scott Lang. The firm also secured £25m from private equity company Synova Capital in April.
Fairstone Group CEO Lee Hartley said: "For some time we have actively sought companies to join us and it is now encouraging to see quality advisory businesses approaching us to be a part of our growing national brand."
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By GlobalDataMcParland and Partners principal Sean McParland said: "The strength of Fairstone’s technology platform and the significant add-on services which are now available to us, means that we can spend more of our time on what really matters – providing the very best financial advice to our clients. By adopting Fairstone’s brand we can cement our strong position locally, and realise our ambitious development plans."
