News

4
Jun

Fairstone purchases two advisers

Bankfield and South West Financial Planning has been acquired by Fairstone in its third and fourth acquisition of the year. 12 advisers and more than 2500 clients have been added to the Fairstone group, as well as over £120m funds under management.
The transaction has been processed within the framework of Fairstone’s downstream buy-out model, where Fairstone purchases a stake in an advice firm, integrates it, then acquires it.
Company principal at Leicester-based Bankfield, Naren Naik, commented on the acquisition:
“Having been in the business for some 44 years and been a senior member of the corporate team at AIG, I realised many years ago, an organisation is only as good as its people.”
David Roberts, company principal of Devon-based SWFP, said:
“The directors of SWFP wanted to enhance the service offering available to our clients by tapping into the additional resources available to a national firm of independent advisers such as Fairstone.”
Chief executive of Fairstone, Lee Hartley, is optimistic about the transaction:
“We are delighted to complete the final acquisitions of Bankfield and South West Financial Planning, having worked closely with them through our proprietary DBO programme.
“Both Bankfield and SWFP are dedicated to quality service and like Fairstone, take a client centric approach to business.”
If you would like to know more about Fairstone’s downstream buy-out proposition, please contact louise.jeffreys@gunnerandco.com