North East-based national Financial Planning firm Fairstone has announced a deal to acquire £120m AUM Kings Lynn-based Chartered Financial Planning firm Allen Tomas & Co.

The deal will add around 275 clients, 4 advisers and 8 support staff to Fairstone.

Allen Tomas & Co has gross annual fee income of £1.2m and funds under management of over £120m.

Fairstone, which includes one of the UK''s biggest Chartered Financial Planning firms, says the acquisition will add to Fairstone’s “significant” footprint in Norfolk.

Fairstone will acquire Allen Tomas & Co through its Downstream Buy Out progressive acquisition model which will see Fairstone gradually acquire the business in stages.

The deal continues Fairstone's acquisition spree this year.

Earlier this month Fairstone acquired South West-based Station Financial IFA and County Durham-based Advanced Financial Services.

Fairstone now operates from over 50 locations with a head office on the outskirts of Durham and a City office. It provides financial management, private wealth advice, corporate solutions, mortgage solutions and estate planning.

The firm has more than 1,200 operational staff and regulated advisers and looks after £15bn in funds under management for 55,000 wealth management clients.

Fairstone CEO Lee Hartley said: “We are delighted to welcome Allen Tomas & Co into our Downstream Buy Out programme. The team bring a first-class and modern approach to their work, centred around building quality long-term client relationships, making them an excellent fit.

Allen & Tomas principal Michael Crisp said: “Partnering with Fairstone cements our place in the local community and naturally brings more security for all our clients, staff and professional connections.”