Acquisitive wealth management group Fairstone has completed the purchase of a Cumbrian financial planning firm as the latest addition to its growing portfolio.
North East-based Fairstone said Carlisle-based Financial Concepts principals Darren Turnbull, Anthony Phillipson and Nigel Shackleton had decided to join Fairstone in order to support growth ambitions.
Financial Concepts joined Fairstone's downstream buy out acquisition model - which integrates companies before a full acquisition - in December 2019.
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During the integration phase, Financial Concepts saw revenue grow 7% and Fairstone now said it would further support the business through a process it says can effectively double the market value of the business.
The move means 10 advisers and staff join Fairstone, along with more than 1,700 clients and more than £13.5m funds under management.
Mr Turnbull said: “We are delighted to join Fairstone as we feel that this will enhance the offering from our business as we move forward, providing long term continuity to our clients while giving our staff the chance to progress in their careers.
“Thanks to the support offered by Fairstone, we are looking forward to growing further as a business and being fully focused on providing the highest level of professional advice and guidance to our clients for the next 20 years and more.”
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Fairstone CEO Lee Hartley said: “Financial Concepts struck us as a forward-thinking firm, made up of a high-quality team who share our commitment to totally independent, client-centric service. The firm has a great reputation for serving clients over many years and is a great addition to the Fairstone family.
“They joined us at a rather difficult time as it was a couple of months before we went into lockdown with all the challenges that presented, but we worked closely with the team throughout the integration phase to provide the support and framework to grow the business.
“Our acquisition strategy remains firmly focused on bringing in quality, ambitious firms such as Financial Concepts, who want to join us and be supported to grow with us, delivering long-term organic growth.”
The acquisition of Financial Concepts is the fourth announced so far this year by Fairstone which now boasts 400 regulated advisers and 380 operational staff overseeing £13bn funds under management for more than 40,000 clients.