Business & Economy
Fairstone bolsters market presence with double acquisition
November 2, 2023
A wealth manager has expanded with two takeovers.
Sunderland-based Fairstone has bought County Durham’s Advanced Financial Services and Hampshire and Wales’ Station Financial IFA.
Bosses say the agreements add more than £380 million of assets under management to the Doxford International Business Park-headquartered firm, as well as £4 million in annual revenue, 2000 clients, 17 advisers and 19 support staff.
Advanced Financial Services runs bases in Newton Aycliffe and Consett, with Station Financial IFA operating from three offices in New Milton, Bridgend and Chepstow.
Lee Hartley [pictured, below], Fairstone chief executive, said: “I’m delighted to welcome the teams from Advanced Financial Services and Station Financial IFA.
“Both are trusted, client-centric firms with a long track record of success.
“Importantly, both share our appetite to grow and develop, making them a perfect fit.”
Philip Bousfield, Advanced Financial Services’ co-principal, 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 we continue to offer our clients the best possible independent financial advice, both now and in the future.”
Leighton Hawkins, Station Financial IFA co-principal, added: “Fairstone’s proposition was perfect for us, as it gave us the time we needed to ease into the sale without compromising 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.”