Tue, 28 Jan 2020 | BUSINESS SALE
Tyne and Wear-based consolidator Fairstone Financial Management has completed the double acquisition of Hamlyn Financial Services and Wagstaffs Wealth Management.
The two purchases see Fairstone add £263 million in funds under management to its business and consolidate its presence in Norfolk and Hertfordshire.
Swaffham-based Hamlyn Financial Services specialises in pensions and investments. Its acquisition adds 2,500 clients, six advisers, seven support staff and £113 million in funds under management to Fairstone’s business along with gross fee income of £830,000.
Stevenage-based Wagstaffs Wealth Management is a specialist in holistic financial planning and its acquisition brings 330 clients, three advisers and four support staff to Fairstone, along with £150 million in funds under management and gross fee income of over £1 million.
The deals represent a continuation of Fairstone’s downstream buy-out model, which sees it acquire a stake in an advice company, integrate it and then complete the buyout. Last year, Fairstone acquired eight financial advice firms through this model.
Describing the two new acquisitions as a “perfect fit” for its buyout model, Fairstone chief executive Lee Hartley said: “We are delighted to complete the final acquisitions of Wagstaffs and Hamlyn, having worked closely with them through our proprietary DBO programme.”
“Both Wagstaffs and Hamlyn are dedicated to quality service and like Fairstone, take a client centric approach to business. They also share our appetite to grow and develop, making them a perfect fit. Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020."
"Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020."
This well-established West Midlands IFA, managing £200m in funds under management, offers a highly profitable client base with an average household value exceeding £400k.
An exclusive opportunity to acquire a prestigious ultra-high-net-worth independent financial advisory business in Kent, managing £70m in funds under management.
An established Northern Ireland IFA presents a unique opportunity with £500k in recurring revenue and an average client value exceeding £350k, offering a portfolio of highly profitable clients.
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