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Fairstone eyes dormant client reactivation in latest advice firm acquisition

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Consolidator Fairstone has acquire Yorkshire firm Lofthouse Gate for an undisclosed sum.

The Wakefield-based adviser is set to add £90m of funds under advice and £850,000 in revenue to Fairstone once its downstream buyout agreement completes.

As part of the transition, Fairstone is planning to reactivate dormant clients at Lofthouse, which specialises in offering pension and investment planning to small and medium sized businesses and their staff.

It will also look to acquire new clients though what it is calling an “advanced search engine optimisation programme.”

Lofthouse Gate director Roger Fayle says: “Making use of Fairstone’s core technology platform and their effective client acquisition programme will enable us to spend more time helping our clients to achieve their financial goals.”

Fairstone completed three acquisitions last year through its downstream buyout model, in which it takes a small stake initially and then gradually takes control of the firm over a number of years.

As at December, Fairstone had agreements to acquire 22 advice firms under this model.

The consolidator is private equity-backed, and received a £25m capital injection in April last year from Synova Capital, which overtook Committed Capital and Northstar Ventures as the largest stakeholder in the business.

Fellow consolidator Bellpenny, which is also backed by private equity firm Oaktree Capital, also looks set for more acquisitions this year after revealing it would launch an independent advice arm last week.

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