National financial planning firm strengthens North East presence with latest acquisition

A nationwide chartered financial planning company has acquired a local firm as part of its ongoing growth strategy.

Newcastle-headquartered Fairstone has purchased wealth management specialist Chilli Financial Limited - its eighth acquisition so far in 2019.

Based in Stockton, Chilli Financial Limited specialises in wealth management, working with both private and commercial clients.

The acquisition brings an additional 400 clients into the group, together with Chilli’s two advisers and three support staff.

Commenting on the deal, Lee Hartley, CEO of Fairstone, said: “We have worked closely with Chilli over the past two years through our proprietary DBO programme and we are delighted to now complete their final acquisition.

“Our DBO proposition continues to gain in popularity, particularly among more sophisticated wealth management firms who place significant importance on ensuring that positive customer outcomes are realised as a result of the transaction.

“Finalising this deal with Chilli brings another valued business into Fairstone and continues our excellent growth plan for 2019.”

Company principal at Chilli Financial Limited, Ian Robinson, commented: “Being fully a part of one of the largest Chartered financial planning firms in the UK allows us to address the challenges of dealing with increasing regulatory change while at the same time continuing to deliver first class service to our clients.

“This is a very positive step forward for our business, providing us with long-term stability in a rapidly changing market along with the strategic and financial support needed to develop our capabilities moving forward.”