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Fairstone double acquisition secures 2,700 new clients

Handshake-Business-Finance-Deal-Corporate-700.jpgAdvice firm consolidator Fairstone has followed up on its Leicester acquisition three weeks ago with the purchase of another Leicester-based firm, Bankfield Financial Advisers.

Fairstone has also acquired Devon-based South West Financial Planning.

The two purchases through the consolidator’s downstream buy-out model follow that of Brett & Randall Financial Services at the start of May.

The two acquisitions bring the total number of Fairstone purchases for 2019 to four.

Both SWFP and Bankfield specialise in holistic planning and bring a further 2,700 clients to the group along with 12 advisers.

The acquisitions secure a gross fee income of £1.5m for Fairstone and bring funds under management of £120m under its umbrella.

Fairstone chief executive Lee Hartley says: “Fairstone also places a focus on firms with an appetite to grow and develop and this is an ambition shared by both Bankfield and SWFP. We are delighted to finalise these two deals and bring two further respected businesses into the group.”

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