Wealth management group Fairstone says it hopes to grow staff numbers significantly at a new headquarters in Nike's former Sunderland offices.
The Doxford International Business Park site will host the growing group which operates back office and support functions to its UK-wide network of financial advice subsidiaries. Fit out work is under way on the 25,000 sqft, two storey building that will house workspaces, a "business lounge", a restaurant, private meeting pods, a media studio and an amphitheatre to host events.
Fairstone said it intends to move in by September and has spoken about plans to boost its North East team by around 120.
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Fairstone CEO Lee Hartley said: "We are committed to maintaining the highest standards for clients and colleagues alike and as our business continues to expand, we have been seeking a location better suited to those requirements. In terms of capacity, we want to be able to accommodate at least another 120 head office staff and at the same time massively increase our meeting and collaboration spaces.
"We are extremely proud of our North East heritage and as such I’m committed to keeping our head office in the region. We have been looking for suitable new premises for quite some time and once it came on the market, Nike’s former HQ instantly struck us as a standout location.
"We are delighted to be making this investment into Sunderland – a city that has a clear appetite to support ambitious business that want to invest in growth. The area has attracted global companies such as L&G, Barclays, Nissan and EE and will soon house one of the largest filmmaking centres in Europe.
"Our new head office will be a vibrant and enjoyable home for our colleagues. We didn’t just want to create a bigger and better head office – we want to build a space that makes us even more attractive in the job market, helps us to secure the very best graduates in the area and enables us to meet with clients and business partners in a greatly enhanced setting. We have an extensive growth strategy that spans the UK and Ireland. Our new site will provide the facilities to underpin those objectives as well as assisting us in attracting the highest calibre of talent."
The most recent accounts for Fairstone Financial Management Ltd, for 2021, show revenues of £67.8m. The firm's downstream acquisition model allows it to integrate smaller independent financial advisory firms prior to a full buyout.
Coun Graeme Miller, leader of Sunderland City Council, said: "As one of the region’s fastest-growing businesses, we are absolutely thrilled that Fairstone will now call Sunderland home. The city is benefiting from billions of pounds in investment which will lead to the creation of thousands of skilled jobs and Fairstone’s move to the city will lead to even more fantastic opportunities being created for local people.
"It’s great news for everyone associated with Sunderland and we are delighted that the Business Investment Team at Sunderland City Council have been able to work with the company to further deepen its proud North East roots.”
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