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January 15, 2021

Fairstone finalises takeover of Hammett and Petch Financial Planning

By Verdict Staff

Consolidator Fairstone has concluded the purchase of Berkshire-based advice firm Hammett and Petch Financial Planning, marking its first deal this year.

The deal, whose financial details are undisclosed, was carried out by Fairstone under its downstream buyout (DBO) model.

Under this model, the company would first purchase a stake in the to-be acquired firm, in order to integrate it over a two-year period, before the final purchase.

Hammett and Petch Financial Planning, which joined the DBO model in 2017, brings in over £60m in assets to Fairstone.

Hammett and Petch Financial Planning principals Trevor Petch and Paul Hammett noted that Fairstone’s DBO model allowed the firm to focus on its customers while transferring operational, regulatory and administrative responsibilities to Fairstone.

Fairstone CEO Lee Hartley said: “The Hammett and Petch team are client-focused and excel in providing first-class service to their clients, making them an excellent fit for Fairstone.

“Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence. Finalising this deal with Hammett and Petch marks a valued addition to our group and kick-starts our scheduled growth plan for 2021.”

The deal is also said to provide Fairstone with more than 300 clients.

Fairstone’s recent deals

Newcastle-headquartered Fairstone has 42 locations across the UK.

In December 2020, Fairstone purchased south west-based financial planning firm Sovereign Wealth Management through its downstream buy-out model.

The company also acquired South Wales-based UskVale Financial Planning, Berkshire-based advice firm Chiltern House, and Lincolnshire-based MT Financial Management last year.

It followed the company’s previous purchase of Hamlyn Financial Services and Wagstaffs Wealth Management in January last year.

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