Fairstone has acquired Berkshire-based Hammett and Petch Financial Planning for an undisclosed sum.
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 300 clients into the group together with Hammett and Petch’s two advisers and two support staff.
The deal also secures gross fee income of £800,000 ($1.1m, €898,000) for Fairstone together with funds under management of more than £60m.
Lee Hartley, chief executive of Fairstone, said: “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.”
This is the firm’s first acquisition of 2021 after it bought Sovereign Wealth Management in December for an undisclosed sum.
DBO scheme
Further supporting Fairstone’s measured growth plan, eight firms have joined its unique downstream buy out (DBO) programme so far this year, bringing more than £1.2bn in funds under management to the wider business.
The programme continues to be a core driver of growth for the business, reversing the traditional buy and build approach, with consolidation playing a key role in a firm joining the programme.
The scheme integrates advice businesses into the group within a two-year period.
Most recently, Fairstone signed up advisory business Sabre Financial to its DBO programme.
