Business & Economy
Professional Partners becomes latest Fairstone full acquisition
December 5, 2017
Fairstone, one of the UK’s largest Chartered Financial Planning firms, today announces that it has fully acquired Glasgow-based IFA, Professional Partners, in a deal which completes the purchase of the company following a period within Fairstone’s downstream buy out (DBO) programme. This is the fourth outright acquisition the company has made in 2017 and marks a huge step forward in its ambitious growth strategy
The acquisition brings revenue of £1.1 million to Fairstone and funds under management of approximately £160 million. The three advisers and five support staff at Professional Partners have ensured a smooth transition for their clients throughout the process.
Professional Partners offers a full range of personal and corporate financial advice specifically tailored to meet the needs of the client and their family or business. Having launched 27 years ago, Professional Partners manages the financial affairs of some 800 clients.
Company principals, Fraser Thomson and Fraser McPhate, said:
“We wanted to join a progressive, national company which will help us to strengthen our business whilst allowing us to remain independent and further improve the levels of service to our clients. This was always our objective and will remain so.
“Over the years, we have created a service which has supported our clients through career development, family financial planning, retirement and beyond. We enjoy helping clients achieve their financial goals and pride ourselves on providing a holistic and tailored personal service with a view to developing long term client relationships.”
Lee Hartley, CEO of Fairstone Group, added:
“Professional Partners have been advising clients for over 27 years and in common with Fairstone, is dedicated to quality service. The whole team are consummate professionals and have a shared ambition to grow the business – through this acquisition we are delighted to have secured such a strong presence in Glasgow and across the wider region. We have always believed that clients should never be commoditised and throughout the acquisition process clients have remained the priority.
“Uncertainty over pensions and the future of Brexit negotiations means that people will need quality financial advice more than ever. As one of the largest Chartered financial planning company in the UK, Fairstone will bring its marketing support and technology to bear to ensure that Professional Partners can offer their bespoke, whole-of-market advice to an ever-growing client base.”