News

7
Oct

Fairstone announce acquisition of Chadney Bulgin

Fairstone has announced the acquisition of Chadney Bulgin, accelerating the group’s growth plan for 2021.

The acquisition brings more than 11,000 wealth and mortgage clients into the group. An additional 27 advisers and 38 support staff from Chadney Bulgin will join Fairstone. The acquisition also secures funds under management in excess of £850 million.

Chadney Bulgin is a whole-of-market Chartered advice firm specialising in advice and management of investment and retirement portfolios. The firm have two office locations across Fleet, Hampshire and Chichester, West Sussex.

Commenting on the deal, Lee Hartley, CEO of Fairstone, said: 

“We are very happy to welcome Chadney Bulgin to the Fairstone family. The client-focussed team has almost three decades of experience in providing quality advice and exceptional service to their clients.

“Welcoming Chadney Bulgin marks a valued addition to the group. It certainly continues our commitment to invest in quality, forward thinking firms that are on a clear upward trajectory. We are looking forward to working with the team to support them to significantly grow the business, without compromising on client service or independence.

“We have every faith that with Martyn, David and the team at Chadney Bulgin, we have found long-term business partners who will play a key role in the next part of our journey.”

The acquisition was made through a new structured buy out proposition. The model targets larger, ambitious IFA firms who want to realise top tier value based on current profitability. Meanwhile, the IFAs are able to take advantage of Fairstone’s structured opportunities for growth and additional value, post completion.

Chadney Bulgin’s principals, David Thomas and Martyn Griggs, said that the Fairstone proposition appealed as it enabled the firm to continue to provide an independent offering to clients, while also benefitting from being part of a larger organisation.

David Thomas added:

“With a number of our partners approaching retirement, it was important to seek a potential acquirer who can take Chadney Bulgin to the next level. Martyn & I spoke to over 60 firms: the primary aim being to find a client-centric Chartered firm. Fairstone fits those criteria perfectly.”

Martyn Griggs added: “For several years, we have been searching for the right business partner to above all embrace our culture, philosophy, and principles, in continuing to provide the highest quality, client focussed, Chartered, independent financial advice.

“We are very happy to have found such a firm in Fairstone. They will further enhance our client proposition and present an exciting new opportunity for all the staff that have helped us to grow over the last 28 years.”

Lee Hartley added: “Fairstone supports sector leaders in developing their businesses. I can say with confidence that we remain in a superb position to deliver growth throughout this year and beyond.

“Our approach is the exact opposite of the traditional ‘consolidator’ model. Significantly, our underlying numbers – from client satisfaction and client retention through to earn-out performance – fully back this up.”

With headquarters in Newcastle, and 42 locations across the UK, Fairstone oversees £12 Billion FUM for over 40,000 wealth clients.

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