Mark Adair

Fairstone announces the acquisition of Carlisle based Financial Concepts

Fairstone, one of the UK’s fastest growing wealth management businesses, today announces the acquisition of Financial Concepts, extending the group’s footprint across Cumbria.

The Carlisle-based firm, which joined Fairstone’s Downstream Buy Out (DBO) acquisition model in December 2019, leveraged support to grow during their integration and has already seen more than a 7 per cent increase in revenue and 6 per cent increase in clients.

Now fully acquired, Financial Concepts will receive ongoing support to grow further and unlock additional opportunities to create long-term value through Fairstone’s five layered proposition, which provides the potential for firms to effectively double the market value of their business.

Established in 2000 and specialising in pensions and investments, the acquisition of Financial Concepts brings 10 advisers and staff into the group as well as more than 1,700 clients and more than £135m FUM (Funds under managment).

Darren Turnbull said: “We are delighted to join Fairstone as we feel that this will enhance the offering from our business as we move forward, providing long term continuity to our clients while giving our staff the chance to progress in their careers.

Fairstone’s proprietary DBO model integrates enterprising, forward-thinking IFA firms into the group, before final acquisition. The unique proposition provides firms with a series of upsides both pre and post acquisition, which allows them to participate in the ongoing success of the group and secure long-term value.

Fairstone CEO Lee Hartley added: “Financial Concepts struck us as a forward-thinking firm, made up of a high-quality team who share our commitment to totally independent, client-centric service. The firm has a great reputation for serving clients over many years and is a great addition to the Fairstone family.”

“They joined us at a rather difficult time as it was a couple of months before we went into lockdown with all the challenges that presented, but we worked closely with the team throughout the integration phase to provide the support and framework to grow the business.”

The acquisition of Financial Concepts is the fourth announced so far this year by Fairstone, with several more deals in the pipeline as the group further invest in growth and expand its acquisition strategy.

The group has over 40 locations across the UK with a head office in Newcastle and a City office, and the firm’s 400 regulated advisers and 380 operational staff oversee £13bn FUM for over 40,000 clients.

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