Fairstone has bought two advice firms, adding £250m to its funds under management.
The consolidator bought East2west Financial Services in Nairn and Brantwood Financial Planning in Huddersfield.
Both firms had initially partnered with Fairstone through its proprietary downstream buyout model.
Specialising in pensions and investments, East2west Financial Services is based in the Scottish Highlands and its purchase brings 1,000 clients into the group, as well as three advisers and three support staff.
Principals John Bruce and Moira Ness said they had been looking for support to develop and expand their business.
Ness said: “Fairstone’s proposition really appealed as the firm strives for excellence in the advice market and are independent, professional and committed to Chartered status. We are very proud to be part of the Fairstone family and we are excited about our future.”
Brantwood Financial Planning specialises in financial planning for high-net-worth individuals and SME business owners, and adds more than £150m FUM, and four staff to the group.
Principal Paul Dickinson said: “After talking to a number of different organisations, we felt that Fairstone were the only company who genuinely understood the reasons that had made us a successful financial planning business and crucially, that they would not seek to impose barriers to the continuation of this success.
“The two-year integration phase has given our clients the added confidence and reassurance that they are now part of a well-known, high quality financial planning company, while still looked after by the team at Brantwood.”
Lee Hartley, chief executive officer of Fairstone, said: “East2west and Brantwood are both quality firms with first-class individuals, who share our commitment to exceptional service and vision to flourish.
"Over the past two years we have worked closely with the teams at both firms, supporting their progression and funding their organic growth. This has enabled both firms to maximise value before crystallising a structured sale of their businesses at a premium valuation.”
He added: “We go into 2022 in an extremely strong position and look forward to announcing further expansion within the group.”
In November last year, Fairstone bought Northern Ireland-based Fairstone NI, adding Fum in excess of £150m.
A month prior to that, the group bought Chadney Bulgin, adding Fum in excess of £850m and bringing an additional 11,000 wealth and mortgage clients into the group.
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