Chartered Financial Planning firm Fairstone has acquired Berkshire-based Hammett and Petch Financial Planning under its downstream buyout acquisition model.

The deal is the first of 2021 for the acquisitive Financial Planning group.

Based in Bracknell, Hammett and Petch Financial Planning is a whole-of-market advice firm specialising in advice and management of investment and retirement portfolios.

The acquisition brings an additional 300 clients into fast-growing Chartered Financial Planning group Fairstone, together with Hammett and Petch’s two advisers and two support staff.

The acquisition secures gross fee income of £800,000 for Fairstone together with funds under management of over £60m.

Trevor Petch and Paul Hammett, company principals at Hammett and Petch Financial Planning, said the main attraction of joining Fairstone was to enable the team to focus their energy on clients, while Fairstone handled the operational, regulatory and administrative aspects.

Mr Petch said: “We are faced with the challenges of ever-changing and increasing regulation and the need to continually adapt to new processes and systems. Deepening our existing relationship with Fairstone means we can take full advantage of the support offered, leaving us with more time to spend with our clients.

“Our clients are at the heart of our business and Fairstone is aligned with our ethics, ethos and client focus.”

Other recent acquisitions for Fairstone include South West-based Sabre Financial and South Wales-based UskVale Financial Planning in December 2020.

Lee Hartley, CEO of Fairstone, said: “We are delighted to complete the final acquisition of Hammett and Petch, having worked closely with them throughout the integration phase.

“The team are client-focused and excel in providing first-class service to their clients, making them an excellent fit for Fairstone.

“Within Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence. Finalising this deal with Hammett and Petch marks a valued addition to our group and kick-starts our scheduled growth plan for 2021.”