Consolidator Fairstone has signed its eighth deal of 2020 under its downstream buy-out (DBO) programme by partnering with Complete Financial Planning
The programme, which gradually integrates a new firm into Fairstone typically over a two-year period, brings the firm's total funds under management (FUM) to more than £1.2bn. Complete FP, based in Hereford, has a gross fee income total of £1.5m and FUM of more than £140m.
The deal increases Fairsonte's footprint across the West Midlands and will bring more than 1,600 clients, 11 advisers and 10 support staff to the wider business.
Fairstone CEO Lee Hartley (pictured) said: "We are delighted to welcome Complete Financial Planning into our downstream buy-out programme. The team at Complete Financial Planning bring a first-class and efficient approach to their work, centred around building quality long-term client relationships, making them an excellent fit for Fairstone.
"We are very pleased to have a company of this quality join Fairstone and we look forward to working with them and helping them to grow their business further within our unique DBO programme."
Eighth purchase in 2020
Fairstone has made several other acquisitions through its DBO programme this year. In April it snatched up another two firms, Goodman Chartered Financial Planners and East Devon Associates adding 1,000 clients and £215 FUM. The following month it made its sixth purchase by acquiring MT Financial Management, adding £180m FUM.
Then, in July, Surrey-based Mantle Financial Planning joined Fairstone through its DBO programme as its seventh acquisition of 2020. The agreement with Mantle FP added more than 1,750 clients to Fairstone, along with 11 advisers, 13 support staff, FUM of more than £480m and gross fee income of £3.3m
Eighth this year
In Scotland and Wales
Purchase announced Monday
36th since 2008
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