Fairstone announces the full acquisition of Station Financial IFA situated across three offices – New Milton in Hampshire, and Bridgend and Chepstow in Wales. The deal significantly boosts Fairstone’s existing presence in Wales to five offices and adds a fourth office to the firm’s growing footprint in the South West.
At the same time, the full acquisition of Advanced Financial Serviceshas also been completed. With two north east-based offices – Newton Aycliffe and Consett, the deal doubles the firm’s presence in County Durham.
Both firms joined Fairstone’s unique Downstream Buy Out (DBO) programme which allowed for a period of integration and a focus on growth before full acquisition.
Leighton Hawkins, Co-Principal 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.”
The combined deals bring over £380 million of assets under management, £4m in annual revenue, 2,000 clients, 17 experienced advisers and 19 dedicated support staff.
Co-Principal of Advanced, Philip Bousfield said:
“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.”
Lee Hartley, Fairstone CEO said:
“I’m delighted to welcome the teams from Station and Advanced. Both are trusted, client-centric firms with a long track record of success and importantly both firms share our appetite to grow and develop, making them a perfect fit.”