Consolidator Fairstone has added another two firms to its acquisition programme adding £220m assets under advice to the business.
Yorkshire-based Utopia Financial Planning and Sovereign Wealth Management, which has offices in Bath and Bristol, have joined Fairstone’s downstream buyout model and will fully join the consolidator before the acquisitions are completed.
The two businesses will bring 16 staff in total to Fairstone and ongoing fee revenue of £2m. The businesses serve 3,500 clients in total.
Fairstone chief executive Lee Hartley says: “We are very pleased to bring two further high-quality businesses into our acquisition programme.”
Last month London advice firm Premier Portfolio Financial Planning joined the downstream buyout model
Today, in its first half results statement competitor AFH was clear it intended to continue its momentum with buying firms.
In the first half, AFH bought six firms for an initial amount of £3.2m. The firms include Hertfordshire-based firms Mark Hughes & Associates and Harrison White FS and the assets of Meritor, the financial advisory business of law firm Freeths.
In the results statement, the company notes its “strong balance sheet” to allow it to carry out further acquisitions. It has £23.7m cash reserves.