Chartered Financial Planning firms Fairstone has acquired Leicester-based IFA Brett & Randall Financial Services.

Fairstone says its second purchase of the year “further highlights the strength of Fairstone’s proprietary Downstream Buy Out model in integrating ambitious IFA firms into the group”.

Brett & Randall specialises in the management of investment and retirement portfolios.
 
The buy brings an additional 420 clients into the group together with Brett & Randall’s three advisers and seven support staff.

The acquisition secures gross fee income of £1.3m for Fairstone together with funds under management of more than £200m.
 
Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Brett and Randall, having worked closely with them through our proprietary DBO programme.
 
“Through our unique DBO programme, which reverses the traditional buy and build approach in favour of an integrate, grow, and acquire model, we are able to help our partners achieve very significant levels of organic growth.
 
“We are delighted to finalise this deal with Brett and Randall and bring another valued business into Fairstone. This deal continues our excellent start to 2019.”
 
Company principal at Brett & Randall, Ralph Mitchell, said: “Fairstone put clients at the centre of their planning, which marries perfectly with our ethos.

“Having reviewed alternative propositions for our future, we believe there was no other choice for our business.
 
“We wanted to join a large national IFA firm with the resources and compliance support required to flourish in today’s market.

“Fairstone has provided us with an infrastructure which allows us to manage the increasing regulatory requirements whilst we carry on delivering a first class service to our clients.”