Fairstone expands operations in East Anglia

A wealth management firm has strengthened its footprint in East Anglia with the acquisition of a Norfolk financial advisory firm.

Sunderland-headquartered Fairstone has completed the takeover of Allen Tomas & Co, based in Dersingham, near King’s Lynn, following a year-long partnership under its downstream buy-out (DBO) model. 

Founded in 2014 and led by Ben Allen and Michael Crisp, Allen Tomas & Co advises more than 260 clients and manages £120 million in assets, offering investment, retirement and wealth management services.

The firm entered Fairstone’s DBO programme in 2023, a buy-out model which allows business owners to work with the company and grow operations while planning for a sale at a future date.

During the partnership period, Fairstone provides infrastructure, regulatory and compliance support, enabling firms to focus on their clients while maximising business value ahead of full acquisition.

The approach has seen more than 100 firms join Fairstone, cementing its reputation as one of the sector’s most active consolidators.

Ben, who is the business principal and chartered financial planner at Allen Tomas & Co, said: “We’re thrilled to have become part of the Fairstone group.

“Fairstone’s focus on putting the client first was so important for us – joining Fairstone means that our current clients will be able to benefit from the support, reassurance and IT capabilities of a major national firm while still getting personalised advice informed by our local knowledge and understanding of the area.

“Importantly, Michael and I will retain our Chartered Independent status, meaning that we will continue to provide unbiased financial advice to clients and recommend products from the whole of market.

“And with Fairstone’s head office team providing support on compliance and regulatory matters, it frees up more of our time to concentrate on advising clients, growing the business and working closely with professional connections.”

Fairstone now operates from over 50 locations, employs 1250 people and serves 60,000 clients, with ambitions to double assets under management to £40 billion within five years. 

Bosses say East Anglia is a priority growth region and the firm is seeking further DBO partners in the area as part of its wider national expansion drive.

Russell Bignall, group managing director at Fairstone, added: “We’re delighted that Ben, Michael and the team at Allen Tomas & Co are now part of the Fairstone family.

“Their client-focused approach and determination to grow the business tallies perfectly with our philosophy and their location further boosts our presence in East Anglia.

“The acquisition underscores Fairstone’s dedication to expanding our footprint on a regional and national scale.

“With our sights firmly set on growing client assets under management from £20 billion to £40 billion over the next five years, we’re looking to partner with similarly ambitious, forward-thinking firms right across the UK and Ireland with increased valuations on offer for growth-focused wealth advisers.

“Our DBO model remains a compelling choice for ambitious firms pursuing sustainable growth and improved client outcomes. 

“In the past two years, the average value received by firms after earn-out has been 120 per cent, with the most successful firm hitting 180 per cent.”

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