Wealth adviser Fairstone, which incorporates a large Chartered Financial Planning firm, has added two new firms to its progressive acquisition Downstream Buy Out (DBO) programme.

Imagine Financial Planning and Forbes Lawson Wealth Management will eventually be fully acquired by Fairstone if the DBO programme is completed.

Fairstone, which has acquired eight firms this year, says the two deals, for undisclosed sums, will increase the firm’s strategic footprint in Yorkshire and Scotland.

Imagine Financial Planning is based in Harrogate and Forbes Lawson Wealth Management is based in Aberdeen. Both both firms focus on pension planning and investment management.

The two deals add more than 700 clients, four advisers and five support staff to Fairstone plus additional funds under management of around £200m.

Fairstone CEO Lee Hartley said: “We are delighted to welcome Imagine Financial Planning and Forbes Lawson Wealth Management into our Downstream Buy Out programme. The teams at Imagine Financial Planning and Forbes Lawson Wealth Management share our ambition and commitment to building quality long-term client relationships, making them an excellent fit for Fairstone.

Company principals at Forbes Lawson Wealth Management, Ian Robinson and Richard Macmillan, said that being part of a larger organisation would allow them to address the challenges of dealing with “increasing regulatory change”, while continuing to look after clients.

Ian Robinson at Forbes Lawson Wealth Management said: “Fairstone is aligned with our ethics, ethos and client focus. This is a very positive step forward for our business, providing us with long-term stability in a rapidly changing marketplace which ensures that we can continue to deliver a great service to our clients as part of the Fairstone Group.”

Company principals at Imagine Financial Planning, Paul Woods and Nigel Woods, said that the prospect of being part of a larger organisation and the potential to create further growth, were deciding factors in partnering with Fairstone.

Fairstone is a full-service, Financial Planning-based wealth management business based in Newcastle. It has more than 40,000 wealth clients and operates nationally from 42 locations.