News

22
Dec

Fairstone bolster DBO programme with double acquisition

Fairstone has announced the acquisition of two advice firms, UskVale Financial Planning and Sovereign Wealth Management.

Based in Pontypool, South East Wales, UskVale is a whole-of-market advice firm specialising in the management of investment and retirement portfolios. 

The acquisition brings over 700 active clients into the group together with UskVale’s three advisers and six support staff. The acquisition also secures gross fee income of £1.2m for Fairstone together with funds under management of £120 million. 

Commenting on the deal, Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of UskVale, having worked closely with them throughout the integration phase.  

“The team’s client-centric ethos and first-class approach to their work makes them an excellent fit for Fairstone.  

“We work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence, and UskVale has shared our appetite to grow and develop. 

“Finalising this deal with UskVale marks a very valued addition to our group and continues our scheduled growth plan for 2020.”  

Company principal at UskVale, Paul Pelopida, said: “We joined Fairstone in 2017 as I was impressed with the people as well as the approach and attitude of the company, particularly in relation to remaining truly independent and allowing the full whole of market range of solutions to be considered for each and every client. 

“Fairstone has delivered in every aspect and we are able to continue to deliver superior and fully holistic financial planning in a fully independent way to all our clients. Flexibility and choice combined with extensive research and support, ensures our clients continue to receive the first-class advice and service they are accustomed to.”

The second acquired firm, Sovereign Wealth Management, has offices in Bath and Bristol and is a whole-of-market advice firm specialising in the management of investment and retirement portfolios.

The acquisition brings 1,500 clients into the group together with Sovereign’s eight advisers and one support staff. The acquisition also secures gross fee income of £1.25m for Fairstone.

Commenting on the deal, Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Sovereign Wealth Management, having worked hand-in-hand with them throughout the integration phase.

“The team are a strong cultural fit for Fairstone, with high quality individuals who really care and put clients at the heart of what they do.

“We work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence, and Sovereign has shared our appetite to grow and develop.

“Finalising this deal with Sovereign marks a very valued addition to our group.”

Company principal at Sovereign, Marcus Harris, said: “I am pleased to have integrated the company with such a forward-thinking and client-focussed firm as Fairstone.

“We look forward to continuing to deliver first-class service to our clients as part of the Fairstone family.”

The two purchases mark the eighth and ninth acquisitions of 2020 for Fairstone. 

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