Newcastle planning firm acquires two new companies

One of the UK’s largest chartered financial planning companies has acquired two new firms.

Fairstone, which is based in Newcastle, purchased Hamlyn Financial Services in Swaffham, and Wagstaff’s Wealth Management in Stevenage, expanding its presence in the south and east of the country.

Together, the new acquisitions bring 2,830 new clients into the company, along with nine advisers and 11 support staff.

The acquisitions secure almost £2m gross fee income for Fairstone, as well as £263m of funds under management.

Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisitions of Wagstaffs and Hamlyn, having worked closely with them through our proprietary DBO [Downstream Buyout] 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.”

Company co-principal at Wagstaffs, Elliot Stewart commented: “Our clients are at the heart of our business and this shared attitude stood out from our first contact with Fairstone.

“Additionally, we benefit from the wider resources, skills and expertise within the Fairstone Group that we didn’t have as a directly authorised firm.”

Company principal at Hamlyn, Stephen Grass, added: “Joining Fairstone has provided us with additional support and research capabilities to ensure that we continue to offer our clients the best possible independent financial advice, both now and in the future.”