South Tyneside firm Fairstone expands north of the border

Fairstone has fully acquired Glasgow-based IFA, Professional Partners, in a deal which completes the purchase following a period within Fairstone’s downstream buy out (DBO) programme.

The purchase is the fourth outright acquisition the company has made in 2017 and marks a major step forward in its ambitious growth strategy.

The acquisition brings revenue of £1.1 million to Fairstone and funds under management of approximately £160million. The three advisers and five support staff at Professional Partners have ensured a smooth transition for their clients throughout the process.

Launched 27 years ago, Professional Partners manages the financial affairs of some 800 clients.

Company principals, Fraser Thomson and Fraser McPhate, said: “We wanted to join a progressive, national company which will help us to strengthen our business whilst allowing us to remain independent and further improve the levels of service to our clients.

“This was always our objective, and will remain so.

“Over the years, we have created a service which has supported our clients through career development, family financial planning, retirement and beyond. We enjoy helping clients achieve their financial goals and pride ourselves on providing a holistic and tailored personal service with a view to developing long-term client relationships.”

Fairstone Group CEO Lee Hartley, added: “Professional Partners has been advising clients for over 27 years and in common with Fairstone, is dedicated to quality service.

“The whole team are consummate professionals and have a shared ambition to grow the business – through this acquisition we are delighted to have secured such a strong presence in Glasgow and across the wider region.

“We have always believed that clients should never be commoditised, and throughout the acquisition process clients, have remained the priority.

“Uncertainty over pensions and Brexit means people will need quality financial advice more than ever.”