Fairstone acquires Cumbrian financial planning firm with over 1,700 clients

Acquiring wealth management group Fairstone has completed the purchase of a Cumbrian financial planning firm as the latest addition to its growing portfolio.

North East-based Fairstone said Carlisle-based Financial Concepts directors Darren Turnbull, Anthony Phillipson and Nigel Shackleton decided to join Fairstone to support growth ambitions.

Financial Concepts joined Fairstone’s downstream buyout model – which onboards businesses prior to a full acquisition – in December 2019.

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During the integration phase, Financial Concepts saw revenue increase by 7% and Fairstone has now said it will further support the business through a process it says can effectively double the market value of the company. company.

The move means 10 advisers and staff are joining Fairstone, along with over 1,700 clients and over £13.5m under management.

Mr. Turnbull said: “We are delighted to join Fairstone as we believe it will enhance our business offering as we move forward, providing long-term continuity for our customers while giving our staff the opportunity to grow. in their career.

“With the support provided by Fairstone Financial, we look forward to continuing to grow as a business and fully focus on providing the highest level of professional advice and guidance to our clients over the next 20 years. and more. »

Fairstone CEO Lee Hartley said, “Financial Concepts struck us as a forward-thinking company, with a high-quality team that shares our commitment to completely independent, client-centric service. The company has a reputation for serving customers for many years and is a great addition to the Fairstone family.

“They joined us at a rather difficult time as it was a few months before we were to commit with all the challenges that came up, but we worked closely with the team throughout the onboarding phase. to provide the necessary support and framework for business growth.

“Our acquisition strategy remains firmly focused on bringing in quality and ambitious businesses such as Financial Concepts who want to join us and be supported to grow with us, achieving long-term organic growth.”

The acquisition of Financial Concepts is the fourth announced so far this year by Fairstone, which now has 400 regulated advisers and 380 operational staff overseeing £13 billion under management for more than 40,000 clients.