UK wealth management group Fairstone has acquired Cumbria-based Financial Concepts for an undisclosed sum.
Established in 2000, the Carlisle-headquartered firm provides financial advice on pensions and investments.
Financial Concepts joined Fairstone’s downstream buy out (DBO) programme in 2019 to grow the business before the final purchase.
According to Fairstone, it has already seen “more than a 7% increase in revenue and 6% increase in clients”.
Now fully acquired, Financial Concepts adds over £135m ($178m, €162m) in funds under management, more than 1,700 clients and 10 advisers to the group.
This is Fairstone’s fourth acquisition of 2022, following the purchase of Scotland-based East2west Financial Services and Huddersfield-based Brantwood Financial Planning in January 2022, and East Devon Associates – its 50th acquisition – in February 2022.
M&A strategy
Darren Turnbull, principal at Financial Concepts, said: “We are delighted to join Fairstone as we feel that this will enhance the offering from our business as we move forward, providing long term continuity to our clients while giving our staff the chance to progress in their careers.”
Lee Hartley, chief executive of Fairstone, added: “[Financial Concepts] joined us at a rather difficult time as it was a couple of months before we went into lockdown with all the challenges that presented, but we worked closely with the team throughout the integration phase to provide the support and framework to grow the business.
“Our acquisition strategy remains firmly focused on bringing in quality, ambitious firms such as Financial Concepts, who want to join us and be supported to grow with us, delivering long-term organic growth.”
