UK chartered financial planner and wealth manager Fairstone has completed the acquisition of two adviser firms and opened a hub in Farnborough to support expansion in the south of England.
The purchase of Grayside Financial Services in Epsom and Swindon-based Executive Wealth Management add £318m of funds under management and 1,250 new clients.
Over the past 12 months, the Newcastle-based consolidator has made deals with 18 firms joining its Downstream Buy Out (DBO) programme across the UK and Ireland and eight full acquisitions completed.
The firm recently opened its sixth nationwide hub in Farnborough, bringing together a number of Fairstone’s South East offices. Fairstone says this is part of an “evolving strategy” which will see Fairstone open offices in key locations across the UK within the next 12 months.
The strategy will see a move towards more operational functions at the hubs and the establishment of high quality working environments for colleagues located in the regions as well as improved settings for meeting clients.
Fairstone CEO, 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.”
He added: “Grayside and Executive Wealth are client-focused, quality firms which have established an excellent reputation for providing first-class service over many decades. They’re a great fit for Fairstone.”
Hartley added: “We’re delighted to welcome the Grayside and Executive Wealth teams into the Fairstone family. Both are client-focused, quality firms which have established an excellent reputation for providing first-class service over many decades. They’re a great fit for Fairstone.”
Executive Wealth principals James Relph and Martin Smedley said they decided to sell to Fairstone as the deal came with both the potential to create further growth and the lure of being part of a larger organisation.
Relph said: “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.”
Grayside Financial Services principal Mike Seddon added: “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.”
