Fairstone has added another £140m in funds under management as the consolidator sealed its eighth deal this year.
Fairstone has revealed Hereford-based Complete Financial Planning had joined the business through its downstream buy-out model, which sees the consolidator take a stake in an advice firm before integrating and then purchasing it.
The deal to buy Complete Financial Planning, which specialises in pension planning and investment management, adds 1,600 clients, 11 advisers and 10 support staff to Fairstone.
The deal will also bring gross fee income of £1.5m and funds under management of more than £140m.
It follows a string of deals completed by Fairstone in recent months, with the advice company most recently gaining almost £480m in funds under management when it welcomed Surrey-based Mantle Financial Planning in July.
Lee Hartley, Fairstone's chief executive, said: “We are always looking for strong, high quality businesses with ambitious growth plans to join Fairstone.
“The strength of our DBO programme is demonstrated in the fact that all the firms we have gone on to acquire have received at least 100 per cent of their premium sale value and many achieving much more, consolidating our position as a secure, stable and proven acquirer within the sector.”
Mark Rawlings, principal at Complete Financial Planning, said the acquisition would add “financial strength and stability” to the firm.
He added: “The Fairstone proposition appealed to us as it is an opportunity to work closely with Fairstone to build our business together. It also provides a valuable opportunity for advisers and clients to benefit from working with a large and expanding team of Chartered financial planners.
“Trust is extremely important when working with businesses and people in financial services. In the time we have known the Fairstone family, we have found them to be not only people you could do business with, but people you would want to do business with.”
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