Mergers and acquisitions  

Fairstone adds 27 advisers in latest IFA purchase

Fairstone adds 27 advisers in latest IFA purchase
 Lee Hartley, chief executive of Fairstone (left) and David Thomas, principal at Chadney Bulgin (right)

Consolidator Fairstone has bought Chadney Bulgin, adding funds under management in excess of £850m.

The deal brings an additional 11,000 wealth and mortgage clients into the group together with Chadney Bulgin’s 27 advisers and 38 support staff. 

Based in offices across Fleet, Hampshire and Chichester, Chadney Bulgin is a whole-of-market advice firm specialising in advice and management of investment and retirement portfolios.

Fairstone said the purchase was made through a new structured buyout proposition, a model which targets larger IFA firms and helps them grow post completion.

Lee Hartley, chief executive of Fairstone, said: “We are delighted to welcome Chadney Bulgin to the Fairstone family. The client-focussed team has almost three decades of experience in providing quality advice and exceptional service to their clients, making them an excellent fit for Fairstone.

“Welcoming Chadney Bulgin marks a valued addition to the group and continues our commitment to invest in quality, forward thinking firms that are on a clear upward trajectory. We are looking forward to working with the team to support them to significantly grow the business, without compromising on client service or independence.”

Chadney Bulgin’s principals, David Thomas and Martyn Griggs, said the Fairstone proposition appealed as it enabled the firm to continue to provide an independent offering to clients, while also benefiting from being part of a larger organisation.

Thomas said: “With a number of our partners approaching retirement, it was important to seek a potential acquirer who can take Chadney Bulgin to the next level.

"Martyn and I spoke to over 60 firms with the primary aim of finding a chartered firm with a very similar culture of placing the client at the heart of everything we do, whilst also looking after our staff. Fairstone fits those criteria perfectly.”

Griggs added: “For several years, we have been searching for the right business partner to embrace our culture, philosophy, and principles, in continuing to provide the highest quality, client focussed, Chartered, independent financial advice. 

“We are delighted to have found such a firm in Fairstone, who will further enhance our client proposition and present an exciting new opportunity for all the staff that have helped us to grow over the last 28 years.”

In January this year Fairstone finalised the purchase of Hammett and Petch Financial Planning which secured more than £60m in assets for the national wealth manager in its first deal of the year. 

Following this, in March, the wealth manager acquired Glasgow-based Chartermarque.

In July, Fairstone bought West Yorkshire-based Utopia Financial Planning, adding funds under management in excess of £100m and 800 clients to the group. 

The same month, Fairstone also acquired Belfast-based ASM Financial Planning, securing funds under management in excess of £250m.

Hartley added: “Fairstone supports sector leaders in developing their businesses and I can say with confidence that we remain in a superb position to deliver more growth throughout this year and far beyond.