Fairstone has bought two advice firms, adding more than £318mn in funds under management and 1,250 clients.
Fairstone has bought Grayside Financial Services in Epsom and Swindon-based Executive Wealth Management.
The company has also opened its sixth nationwide hub - this time in Farnborough.
Grayside Financial Services provides holistic investment and post-retirement advice, while Executive Wealth is a full-service financial planning firm with a specialist commercial mortgage arm, Prospero Finance.
Both firms join Fairstone after a period of integration as part of Fairstone’s DBO programme.
Executive Wealth principals James Relph and Martin Smedley said being part of a larger organisation, and the potential to create further growth, were deciding factors in partnering with Fairstone.
Relph added: “We have grown significantly in the past few years and needed the support and infrastructure of a large national brand to maximise new opportunities and help take the business to the next level.
“Fairstone not only had the expertise to support us with technology, new regulatory requirements, and resource, but they were also the most proven acquirer in the sector with a track record of delivering results, making it the standout proposition.”
The DBO programme allows advice firms who don't want to sell right away but want to build towards a capital event in the future to release some capital on day one of the partnership.
Fairstone explained that these firms can then work towards a guaranteed sale valuation at a future date of their choosing.
The company provides capital investment, growth support, resource and centralised resource, as well as access to new clients during the partnership period.
Mike Seddon, principal at Grayside Financial Services, said: “The DBO model really appealed to us as it has allowed us to partner with Fairstone first to integrate our processes and then be supported to grow, while remaining independent and continuing to service our client needs to the highest standard.”
Elsewhere, Fairstone recently brought together a number of the firm’s South East offices in its Farnborough hub.
Fairstone explained this was part of its strategy to open offices in a number of key locations across the UK within the next 12 months.
Fairstone chief executive Lee Hartley said: “We already successfully operate five hubs across the UK, including a thriving City office in central London. In close proximity to Farnborough airport, the Aerospace Centre Business park was the perfect location for our next hub with its business gateway to London.”
amy.austin@ft.com
