Chartered financial planning firm Fairstone has taken a majority stake in Wokingham-based Allensons Mortgage Advisors.
As part of the deal, Allensons will rebrand as Fairstone Mortgage Solutions and join a part of the company which wrote over £1.25bn of new mortgage business over the past year. Paul Cleveland, principal at Allensons, will retain a significant shareholding alongside Fairstone.
The purchase marks Fairstone’s fifth of 2018 and brings recurring revenues of £700,000. In addition, over 5,000 clients and the business’ thirteen staff will join Fairstone.
Allensons specialises in mortgages and protection. It offers personal advice to its clients covering new homes, first time buyers, buy-to-let, help to buy and property related insurance.
Lee Hartley, CEO of Fairstone, said: “Allensons is an incredibly well-regarded firm in its sector, with many of Britain’s leading housebuilders recommending the company year after year for their expertise in the new build market. It is companies like this which we are pleased to welcome to Fairstone, bringing best-in-class personal service, a long and distinguished track record and a desire to grow their business. We look forward to working with Paul and the whole team at Allensons.”
Cleveland added: “Fairstone’s use of state-of-the-art processes and expert teams meant that a closer integration would enable us to offer greater choice and a wider range of services to our clients, as well as helping us with compliance, regulation and marketing.
“Fairstone is a rapidly growing business with dynamic management and a clear vision. The synergies between our companies will be beneficial for both our clients and our staff. The business is at the cutting edge of modern financial services and is the right partner to help us grow and develop our service.”
(picture: Steve Easter and Paul Cleveland)
