UK financial planning firm Fairstone Group has acquired Darlington-based Belasis IFA, its fifth acquisition in recent months.
Fairstone said the purchase “highlights the strength of the firm’s proprietary Downstream Buy Out (DBO) model in integrating ambitious IFA firms into the group”.
The deal brings additional gross fee income of £500,000 ($634,000, €553,000) to Fairstone together with funds under management of another £50m.
In addition, Bellasis’ 1,250 clients, five advisers and two support staff will join Fairstone.
The financial terms of the deal were not disclosed.
Shared ambition
Lee Hartley, chief executive of Fairstone, said: “Having worked with Belasis IFA through our proprietary DBO programme over a number of years we are delighted to complete the final acquisition with the business.
“The whole team at Belasis have a shared ambition with Fairstone to further grow their operation and with our support in areas such as client activation, marketing, compliance and regulation, we are able to help partners such as Belasis achieve very significant levels of organic growth.
“We are delighted to finalise this deal and bring such a well-respected business into Fairstone.
“This marks an outstanding end to the year and underlines our intent to partner with high-quality firms who share our culture as well as our approach to ensuring client interests are never compromised as a result of a sale.”
Offering
Belasis IFA offers a range of personal and corporate financial advice and specialises in retirement planning, investment portfolio management, equity release mortgages, VCT and EIS investments and protection.
Company principals at Belasis IFA, Stewart Hodgson and Craig Dyball, said: “Over the years we have developed a very strong service and investment proposition.
“As such, we wanted to find a well-established firm with strong ethical standards to support our proposition and help us to build our business, without eroding the high levels of service we provide to our clients.
“Fairstone’s general ethos and philosophy thoroughly enhances this attitude for the benefit of our clients.
“We look forward to working even more closely together to allow the business to reach its full potential.”
