Financial services firm Fairstone has acquired Station Financial IFA for an undisclosed sum expanding its presence in Wales and the South West
Based in New Milton, Bridgend and Chepstow the deal takes the total number of Fairstone offices in Wales to five and adds a fourth to the South West.
Meanwhile, the completion of the purchase of Advanced Financial Services will add two North East-based offices in Newton Aycliffe and Consett, doubling Fairstone’s presence in County Durham.
The combined deals add over £380m of assets under management as well as 17 advisers, 19 support staff and 2,000 clients.
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Both acquisitions were made through the firms Downstream Buy Out (DBO) programme which allowed for a period of integration and a focus on growth before full acquisition.
Leighton Hawkins, co-prinicipal at Station, said: “Fairstone’s unique acquisition proposition was perfect for us as it gave us the time we needed to ease into the sale without compromising any of our stakeholders. By taking the deal slowly and doing it properly, we have managed it with minimum disruption to our colleagues and most importantly, our clients.”
Phillip Bousfield, co-prinicipal of Advanced, added: “As a small firm, we were looking for the strength of a national brand to support us in scaling our business. Fairstone provided a growth framework while enabling us to retain what was most important to us, the personal relationship we have with our clients.
“Joining Fairstone has provided us with the resources we need to ensure that we continue to offer our clients the best possible independent financial advice, both now and in the future.”