South Tyneside wealth managers Fairstone has acquired a South East business to boost the group's strategic growth plans.
Principals Mark and David Rawlings said they decided to join Fairstone as the firm was looking to partner with a proven national business to "provide the financial strength and stability needed to grow and prosper". The Hereford firm joined Fairstone's Downstream Buy Out (DBO) acquisition model in March 2020, as the country went into lockdown. Since then, it has seen a 13% increase in fee income.
The new acquisition will now receive further ongoing support to continue its growth, including a secondary capital event which could double its market value. Specialising in pensions and investments, the acquisition of Complete Financial Planning brings 11 advisers and staff into the group as well as over 1,300 clients and more than £170m funds under management.
