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Fairstone buys Berkshire mortgage broker

Fairstone buys Berkshire mortgage broker

Financial advice consolidator Fairstone has bought a majority stake in a Wokingham-based mortgage brokerage for an undisclosed sum.

As part of the deal Allensons Mortgage Advisors will rebrand as Fairstone Mortgage Solutions and Paul Cleveland, principal at Allensons, will keep a "significant" shareholding in the business alongside Fairstone.

The purchase is Fairstone’s fifth of 2018 and brings recurring revenues of £700,000, as well as more than 5,000 clients and the business’ 13 staff.

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Lee Hartley, chief executive of Fairstone, said: "Allensons is an incredibly well-regarded firm in its sector, with many of Britain’s leading housebuilders recommending the company year after year for their expertise in the new build market.

"It is companies like this which we are pleased to welcome to Fairstone, bringing best-in-class personal service, a long and distinguished track record and a desire to grow their business. We look forward to working with Paul and the whole team at Allensons."

Fairstone Mortgage Solutions wrote more than £1.25bn of new mortgage business over the past year.

Allensons, which specialises in mortgages and protection, has been operating since 1994.

Mr Cleveland said: "Fairstone’s use of state-of-the-art processes and expert teams meant that a closer integration would enable us to offer greater choice and a wider range of services to our clients, as well as helping us with compliance, regulation and marketing.

"Fairstone is a rapidly growing business with dynamic management and a clear vision. The synergies between our companies will be beneficial for both our clients and our staff. The business is at the cutting edge of modern financial services and is the right partner to help us grow and develop our service."

damian.fantato@ft.com