Wed, 27 Nov 2019 | BUSINESS SALE
Consolidator Fairstone Group has completed the acquisition of Lancashire-based advisor Octagon Wealth Management.
The acquisition represents Fairstone’s seventh of the year and highlights its downstream buyout (DBO) model. Fairstone said the deal showed the strength of the acquisition model, through which it seeks to ensure companies are fully integrated with its business before acquisition is completed, providing for a smoother transition.
The deal will add 800 clients, four advisers, five support staff, over £150 million in funds under management (FUM) and a gross fee income of £1.10 million to Fairstone.
Fairstone CEO Lee Hartley said the group was "delighted" to complete the acquisition of Octagon: "Finalising this deal with Octagon brings another valued business into Fairstone and continues our excellent growth plan for 2019."
“At 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.”
Octagon company principle Richard Hollington said: "While we have been integrated into the Fairstone family for over two years now, by being fully absorbed into one of the largest Chartered financial planning firms in the UK, our clients can be even more confident that we will be there for them for the long term."
Hollington and his fellow Octagon company principle Jon Routledge, said that Fairstone’s strength in size, customer-focused acquisition model and technology were the crucial factors in their decision to join the group.
“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, who are the ultimate focus of our business”, Hollington added.
The company provides individuals and businesses with bespoke, impartial financial advice, specialising in tailored support relating to mortgages, property finance and personal insurance.
Although profitable, this business has quality personnel who can continue working, leading to a smoother transition post sale.
Offered for sale progressive IFA with an average household age of 56, there is room for further portfolio accumulation.
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