Newcastle-headquartered advice group Fairstone has bought Surrey-based Mantle Financial Planning for an undisclosed sum.
This is the firm’s first acquisition of 2023 – following its last deal in December, when it bought Devon-based Sabre Financial for an undisclosed sum.
The deal adds more than £450m ($554m, €510m) in funds under management to the group.
Specialising in financial planning for high net worth individuals, Mantle Financial Planning has 11 advisers, 16 staff and more than 2,000 clients. Mantle joined Fairstone’s Downstream Buy Out (DBO) acquisition model in June 2020, in which the wealth manager seeks to purchase and integrate IFA firms over a two-year period before the acquisition is finalised.
Mantle Financial Planning principals Colin Caulfield and Clive Shaw said that they joined Fairstone to get support in dealing with “the increasing difficulties of being a medium-sized IFA directly regulated by the FCA”.
Caulfield said: “Joining Fairstone was the right decision as they are an independent, Chartered, national firm which is not just interested in the client bank, but the company as a whole. We all look forward to becoming a full part of the successful Fairstone Group and firmly believe this will be in the long-term best interests of both our clients and the company.”
Further expansion
Fairstone chief executive Lee Hartley added: “Mantle Financial Planning is a quality firm with first-class individuals, who share our dedication to exceptional service and are committed to long-term organic growth, making them an excellent addition to the Fairstone family.
“We have supported their growth through the integration phase, which is borne out in the increase in revenue and clients they have seen over the past two years.
“I am delighted to say we go into 2023 in an extremely strong position and look forward to announcing further expansion within the group.”
