Financial planning firm Fairstone has completed its second acquisition of the year, adding more than £200m funds under management to the company.
The purchase of Brett & Randall Financial Services was carried out through Fairstone’s downstream buy-out model, which sees the company take a stake in an advice firm before integrating it and then purchasing it.
The acquisition will bring an additional 420 clients into the Fairstone group and a gross fee income of £1.3m.
Brett & Randall, which specialises in the management of investment and retirement portfolios and is based in Leicester, will bring across three advisers and seven support staff.
Lee Hartley, chief executive of Fairstone, said: "We are delighted to complete the final acquisition of Brett & Randall, having worked closely with them through our proprietary downstream buy-out programme.
"Through our unique programme, which reverses the traditional buy and build approach in favour of an integrate, grow, and acquire model, we are able to help our partners achieve very significant levels of organic growth.
"We are delighted to finalise this deal and bring another valued business into Fairstone. This deal continues our excellent start to 2019."
Company principal at Brett & Randall, Ralph Mitchell, said Fairstone’s view of putting clients at the centre of its planning married perfectly with Brett & Randall’s ethos.
He added: "We wanted to join a large national IFA firm with the resources and compliance support required to flourish in today’s market.
"Fairstone has provided us with an infrastructure which allows us to manage the increasing regulatory requirements whilst we carry on delivering a first class service to our clients."
With its first acquisition of this year, Pensions and Wealth Management Services in February, Fairstone acquired 400 clients, a £1m gross fee income and £200m funds under management.
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