Fairstone Group, a UK-based chartered financial planning firm, has agreed to acquire Leicester-based Bankfield Financial Advisers via a downstream buyout programme.

Under the arrangement, Fairstone intends to fully buy Bankfield following an integration period.

The deal would add funds under management of £30m and revenue of £600,000 to Fairstone’s portfolio.

Fairstone CEO Lee Hartley said: “Bankfield is exactly the sort of ambitious company we look to partner with. It has been involved in the formation and growth of many businesses including a multi-million pound project to create the UK’s first private dental teaching school in Leicester and we look forward to helping them achieve their growth targets.”

Bankfield, set up by Naren Naik in 1993, employs three additional advisers and intends to hire new advisers in the near future.

Bankfield Head of Business Strategy Gary Rusby said: “We see Fairstone as being able to provide the support we need in order to achieve these goals.

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“With in excess of £3 billion funds under management and chartered status, we are confident that in Fairstone, our clients will be supported in the best way possible.”