Fairstone Group, a UK-based chartered financial planning firm, has agreed to acquire Wakefield-based advice firm Lofthouse Gate via a downstream buyout deal.

Lofthouse, set up in 2005, focuses on offering specialist pension and investment planning for SMEs and their staff.

The transaction will involve Fairstone taking an initial minority stake in the advice firm and integrating the firm over several years.

The deal brings £850,000 in revenue and nearly £90m in funds under advice to Fairstone’s books.

Fairstone CEO Lee Hartley said: “Lofthouse Gate’s team of advisers and support staff will now be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for the advisers and ensuring clients receive the very best financial advice.”

Lofthouse principal Roger Fayle said: "Our decision to join Fairstone was based on their market leading support and resources, which will enable us to offer a more efficient client proposition. Making use of Fairstone’s core technology platform and their effective client acquisition programme will enable us to spend more time helping our clients to achieve their financial goals.”

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