Fairstone is expanding into Yorkshire.
The Chartered Financial Planning group has entered into a downstream buyout agreement with Wakefield-based Lofthouse Gate.
The firm, which is run by principals Roger Fayle, Kirk James and Andrew Kealey, was founded in 2005 and provides clients with specialist pension and investment planning for SMEs and their staff. The deals adds £850,000 of total revenue to Fairstone and boosts its fund under advice by around £90 million.
As part of the deal, Lofthouse Gate can take advantage of Fairstone’s front and back office support. Existing clients undergo a transition to Fairstone and new clients will be actively sought, as well as dormant clients reactivated.
Lofthouse Gate’s Roger Fayle said: “Our decision to join Fairstone was based on their market leading support and resources, which will enable us to offer a more efficient client proposition. Making use of Fairstone’s core technology platform and their effective client acquisition programme will enable us to spend more time helping our clients to achieve their financial goals.”
CEO of Fairstone Group Lee Hartley said: “With three decades of experience in financial services, Roger and his team bring a clear and efficient approach to his work, incorporating regular meetings and contact to build long-term client relationships. We are very pleased to have a company of this quality join the Fairstone Group. Lofthouse Gate’s team of advisers and support staff will now be able to leverage the strength of Fairstone’s system efficiencies, which will benefit both the front and back office, saving valuable time for the advisers and ensuring clients receive the very best financial advice.
“For us it is vital to have both a business and cultural fit with the companies who decide to join us. Having spent time with the team at Lofthouse Gate we are incredibly excited about our future working together.”