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Consolidator adds mortgage adviser to ranks

Magnifying glass in front of an open newspaper with paper houses. Concept of rent, search, purchase real estate.Consolidator Fairstone has taken a majority stake in Wokingham-based Allensons Mortgage Advisers.

Allensons is rebranding as Fairstone Mortgage Solutions as part of the purchase, which is Fairstone’s fifth since January and brings recurring revenues of £700,000 to the business.

A total of 5,000 clients and 13 staff from Allensons have been acquired as part of the deal.

Company principal Paul Clevelend says operating under Fairstone will allow Allensons to offer a broader range of services to clients.

Allensons specialises in insurance and mortgages and currently offers personal advice to its clients covering new homes, first time buyers, buy-to-let, help to buy and property-related insurance.

Clevelend will retain a shareholding in the business, which wrote more than £1.25bn of new mortgage business over the past year.

The consolidation race: Will 2018 see more merger activity?

Fairstone chief executive Lee Hartley says: “Allensons is an incredibly well-regarded firm in its sector, with many of the UK’s leading housebuilders recommending the company year after year for their expertise in the new build market.”

Fairstone most recently added £220m in assets under advice purchasing Yorkshire-based Utopia Financial Planning and Bath-headquartered Sovereign Wealth Management in June.

Hartley told Money Marketing in February that Fairstone’s growth strategy for the year will see as many as ten firms acquired by the end of 2018.

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