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Fairstone to buy three more firms

Fairstone to buy three more firms

Fairstone Group has reached a series of deals which takes its number of advisers across the UK to 300.

Three new firms have entered the consolidator's downstream buy-out programme with a view to being sold completely to Fairstone in the future.

Collectively, the deals bring a total of 19 new advisers to the Fairstone Group, revenue of more than £3.25m and additional funds under advice of about £290m.

The three firms are Sheffield-based pension and investment specialist Campbell Harrison, north Kent and south east London-based Mortgage Find and Hertfordshire-based Pensions & Wealth Management Services.

Lee Hartley, Fairstone Group’s chief executive, said: “As one of the UK’s largest Chartered financial firms, Fairstone already has a strong standing within the sector and is committed to continuing to grow its network of advisory businesses that offer clients a broad spectrum of superior financial advice.

“Through our downstream buy-out programme, we are seeking out high quality firms with meaningful levels of assets under management who want to drive their performance upwards and realise optimum value for their businesses.”

Fairstone’s downstream buy-out model sees the company take an initial minority stake in an IFA business and integrate the firm over a number of years before completing the deal.

Alex Campbell, managing director of Campbell Harrison, said: “The biggest threat to small IFAs is professional indemnity insurance and the Financial Services Compensation Scheme.

“Joining Fairstone means I can concentrate on the part of the job I enjoy, helping clients, without worrying about the longevity of the company.”