Consolidator Fairstone has acquired Utopia Financial Planning and Sovereign Wealth Management through its downstream buyout programme.

West Yorkshire-based Utopia was established in 2004. The company offers pre- and post-retirement planning for individuals and small businesses. Sovereign specialises in offering pensions and investments advice through offices in Bath and Bristol. The two firms together serve 3,500 clients.

Utopia company principal Darron Whitehead said: “We wanted to join forces with a long-term partner who shares the same ethos as ours and Fairstone was a great fit.”

Sovereign company principal Marcus Harris added: “By joining Fairstone we have embraced a golden opportunity to safeguard our ability to deliver first-class financial advice to our clients without being constrained by bureaucracy or distracted by the changing face of financial regulation.”

The acquisition of the two firms will add £220m in assets and £2m in ongoing fee revenue to Fairstone’s books. A total of 16 employees will join Fairstone as part of the deal.

Fairstone CEO Lee Hartley said: “At Fairstone, we work hard to ensure our industry leading infrastructure gives firms the support they need to grow their businesses without compromising on client service or independence, this includes our dedication to providing invaluable support in navigating the complex and ever-evolving regulatory landscape.”

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