Fairstone, one of the UK’s largest Chartered Financial Planning firms, has announced that Lofthouse Gate and Mortgage Find have been fully acquired by the business.
The deals bring an additional 8,800 clients into the group together with 20 advisers and 14 support staff. The acquisitions also secure gross fee income of £2.3million for Fairstone, together with funds under management of more than £120m.
The two purchases, which mark a total of six outright acquisitions this year for the full-service wealth management house, further highlights the strength of Fairstone’s proprietary downstream buy out (DBO) model, which reverses the traditional buy-and-build approach in integrating ambitious IFA firms into the group.
Wakefield-based Lofthouse Gate specialise in pension planning and investment management while London-based Mortgage Find, which has an annual lending figure of circa £280m, specialise in arranging both residential and buy-to-let mortgages.
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisitions of Lofthouse Gate and Mortgage Find, having worked closely with them through our proprietary DBO programme.
“Both Lofthouse Gate and Mortgage Find are dedicated to quality service and like Fairstone, take a client centric approach to business.
“Fairstone’s business model delivers strong organic growth that leads to a transfer of client ownership and also places a focus on firms with an appetite to grow and develop, which is an ambition shared by both Lofthouse Gate and Mortgage Find.
“We are delighted to finalise these two deals and bring two further respected businesses into the group.”
Company principal at Lofthouse Gate, Kirk James, said: “Joining Fairstone enables us to enhance the service proposition we offer to all of our existing clients and to give a more robust and reliable service for the future.”
Company principal at Mortgage Find, Mark Alexander, said: “We joined forces with Fairstone to allow us to utilise their excellent compliance systems and structures so that we could in turn spend more time focusing on clients and their needs.
“This deal means that we can combine our strengths with Fairstone to give our clients a fantastic service and proposition.”