Fairstone boss Lee Hartley said his firm was in a "strong position" to continue its acquisition spree during the pandemic, as the consolidator announced plans to acquire northern-based IFA Financial Concepts.
The deal added £104m assets under management and marked Fairstone's fifth acquisition in 2020, strengthening its presence in North West England, with Financial Concepts' offices in Carlisle and Whitehaven.
It adds 5,000 clients, six advisers and five support staff to Fairstone, and, in line with its downstream buy out (DBO) model, will be integrated the firm within two years before eventually being acquired by Fairstone.
Fairstone chief executive Lee Hartley said Financial Concepts had a "strong focus on providing quality, first-class service and has a client-centric ethos, making them an excellent fit for Fairstone."
He added: "The structure of our DBO programme ensures we partner with firms with an appetite to grow and develop and Financial Concepts share our values and aspirations for the future. We look forward to working with them and helping them to grow their business further."
Financial Concepts principal Nigel Shackleton said the opportunity to join forces with one of the largest Chartered IFA firms made "very good sense" for the business.
"Fairstone share the same high business standards and are like-minded in approach and priorities - clients must come first. We look forward to developing our businesses together," he said.
Hartley added: "We are always looking for strong, high quality businesses with ambitious growth plans to join Fairstone and whilst we recognise that we are all moving into a different climate with challenges ahead, we are in a strong position and we will continue to onboard new DBO firms at our forecasted volume."
The acquisition forms part of Fairstone's growth plan of adding 10 businesses to its DBO structure each year.
The consolidator recently added £200 AUM to its books by purchasing Huddersfield's Brantwood Financial Planning and Durham's Advanced Financial Services.
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