Fairstone announced this morning that it has signed up Bankfield Financial Advisers to its downstream buyout programme.
Leicester-based Bankfield offers holistic Financial Planning services to individuals and businesses.
With over 2,500 clients, the Bankfield deal brings revenue of £600K to the Fairstone Group and funds under management in the region of £30 million. Under the terms of the deal, following an integration period Fairstone plans to fully acquire the Bankfield business. No fee was disclosed.
Founded by Naren Naik in 1993, Bankfield comprises three additional advisers and has plans to hire more advisers soon.
Gary Rusby, head of business strategy at Bankfield, said he was confident the move would ensure clients will be supported in the best way possible.
He said: “We fully intend to be a leading light in financial services in the Midlands with some ambitious growth targets for this year and into the future. We see Fairstone as being able to provide the support we need in order to achieve these goals.”
Lee Hartley, CEO of Fairstone Group, said: “What Naren has created at Bankfield is a complete advisory business based around integrity, honesty and an ethical approach to their work. Bankfield incorporates all that is best about a bespoke Financial Planning firm with a commitment to innovation which keeps them at the forefront of the adviser profession.
“Bankfield is exactly the sort of ambitious company we look to partner with. It has been involved in the formation and growth of many businesses including a multi-million pound project to create the UK’s first private dental teaching school in Leicester and we look forward to helping them achieve their growth targets.”