Fairstone announces acquisition of Financial Concepts

Lee Hartley, Fairstone CEO

Fairstone, a wealth management business, announced the acquisition of Financial Concepts, extending the group’s footprint across Cumbria.

Principals Darren Turnbull, Anthony Phillipson and Nigel Shackleton decided to join Fairstone as they were looking to partner with a chartered firm with a professional ethos that would help them to grow.

The Carlisle-based firm, which joined Fairstone’s Downstream Buy-Out (DBO) acquisition model in December 2019, leveraged support to grow during their integration and has seen more than a 7% increase in revenue and 6% increase in clients.

Now fully acquired, Financial Concepts will receive ongoing support to grow further and unlock additional opportunities to create long-term value through Fairstone’s five-layered proposition, which provides the potential for firms to effectively double the market value of their business.

Established in 2000 and specialising in pensions and investments, the acquisition of Financial Concepts brings 10 advisers and staff into the group as well as more than 1,700 clients and more than £135m FUM.

Darren Turnbull comments: “We are delighted to join Fairstone as we feel that this will enhance the offering from our business as we move forward, providing long-term continuity to our clients while giving our staff the chance to progress in their careers.

“Thanks to the support offered by Fairstone, we are looking forward to growing further as a business and being fully focused on providing the highest level of professional advice and guidance to our clients for the next 20 years and more.”

Fairstone’s proprietary DBO model integrates enterprising, forward-thinking IFA firms into the group, before final acquisition.

Fairstone CEO Lee Hartley said: “Financial Concepts struck us as a forward-thinking firm, made up of a high-quality team who share our commitment to totally independent, client-centric service. The firm has a great reputation for serving clients over many years and is a great addition to the Fairstone family.

“They joined us at a rather difficult time as it was a couple of months before we went into lockdown with all the challenges that presented, but we worked closely with the team throughout the integration phase to provide the support and framework to grow the business.

“Our acquisition strategy remains firmly focused on bringing in quality, ambitious firms such as Financial Concepts, who want to join us and be supported to grow with us, delivering long-term organic growth.”

The acquisition of Financial Concepts is the fourth announced so far this year by Fairstone, with several more deals in the pipeline as the group further invest in growth and expand its acquisition strategy.

The group has over 40 locations across the UK with a head office in Newcastle and a City office, and the firm’s 400 regulated advisers and 380 operational staff oversee £13 billion FUM for over 40,000 clients.

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