Consolidator  

Fairstone adds £263m in double acquisition

Fairstone adds £263m in double acquisition
Wagstaff principal Simon Beedle with Fairstone managing director partnership Mike Slater

Consolidator Fairstone has completed a double acquisition in deals which have added £263m in funds under management to the business.

Following a significant pipeline of acquisitions in 2019 the financial planner has confirmed its latest purchase of Swaffham-based Hamlyn Financial Services and Wagstaffs Wealth Management in Stevenage.

The deals were completed using Fairstone's downstream buy-out model, which sees the company take a stake in an advice firm before integrating it and then purchasing it.

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Last year the consolidator acquired eight advice firms after securing another £30m of funding from its financial backers in February.

Hamlyn Financial Services added 2,500 clients, six advisers and £113m in funds under management to Fairstone, with the advice firm specialising in pensions and investments. 

Fairstone also gained 330 clients, three advisers and £150m in funds from its purchase of Wagstaffs Wealth Management.

Lee Hartley, chief executive of Fairstone, said the company had worked closely with the advisers through its downstream buy-out model, which served to reverse the traditional buy-and-build approach.

Mr Hartley said: "Both Wagstaffs and Hamlyn are dedicated to quality service and like Fairstone, take a client centric
approach to business.

"They also share our appetite to grow and develop, making them a perfect fit. Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020."

rachel.mortimer@ft.com

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