Fairstone GroupFeb 1 2023

Fairstone adds £450mn FUM with Surrey-based IFA purchase

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Fairstone adds £450mn FUM with Surrey-based IFA purchase
Lee Hartley, chief executive officer at Fairstone

National advice firm Fairstone has bought Surrey-based Mantle Financial Planning, adding more than £450mn in funds under management and marking its first deal of the year.

Mantle Financial Planning is an IFA specialising in holistic financial planning for high-net-worth individuals.

The deal will see 11 advisers and 16 staff join the group, as well as more than 2,000 clients.

Principals Colin Caulfield and Clive Shaw explained they joined Fairstone to get support in dealing with “the increasing difficulties of being a medium-sized IFA directly regulated by the FCA".

Mantle joined Fairstone’s downstream buy out (DBO) acquisition model in June 2020. 

Since then, Fairstone said the business utilised its support services to grow to deliver a 7 per cent increase in client numbers and a 20 per cent increase in new business revenue growth.

Caulfield said: “Joining Fairstone was the right decision as they are an independent, chartered, national firm which is not just interested in the client bank, but the company as a whole.

“We all look forward to becoming a full part of the successful Fairstone group and firmly believe this will be in the long-term best interests of both our clients and the company.”

Fairstone said the purchase of Mantle Financial Planning is part of the firm’s growth plans and nationwide coverage.

Lee Hartley, chief executive officer at Fairstone, said: “Mantle Financial Planning is a quality firm with first-class individuals, who share our dedication to exceptional service and are committed to long-term organic growth, making them an excellent addition to the Fairstone family.

“We have supported their growth through the integration phase, which is borne out in the increase in revenue and clients they have seen over the past two years.”

Fairstone’s DBO model integrates IFA firms into the group, before final acquisition. 

It provides firms with a series of upsides both pre and post-acquisition, which allows them to participate in the ongoing success of the group.

Hartley said: “In simple terms we act as an investment partner for businesses joining us, providing the centralised resource, technology and capital to support sustainable growth ahead of a sale, making a real impact on profits and valuation.

“I am delighted to say we go into 2023 in an extremely strong position and look forward to announcing further expansion within the group.”

In December, Fairstone bought Devon-based IFA Sabre Financial, adding more than £200mn in funds under management to the group.

Prior to that, it entered the Irish market as it bought Dublin-based Pax Financial, adding €200mn (£174.8mn) in assets under management. 

In May, it purchased Cumbria-based IFA Financial Concepts, and a year ago, it marked its 50th acquisition with its purchase of Sidmouth-based East Devon Associates