Consolidator Fairstone has acquired a majority stake in Wokingham-based Allensons Mortgage Advisors to support its growth strategy.
Allensons focuses on mortgages and protection including personal assistance to clients for new homes, buy-to-let, help to buy and property related insurance.
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The acquisition marks Fairstone’s fifth purchase of this year and adds recurring revenues of £700,000 to its portfolio. The deal also increases the consolidator’s client base by more than 5,000.
A total of 13 staff from Allensons will join Fairstone as part of the deal, while Allensons principal Paul Cleveland will continue to hold a significant stake in the company.
Commenting on the transaction, Cleveland said: “Fairstone’s use of state-of-the-art processes and expert teams meant that a closer integration would enable us to offer greater choice and a wider range of services to our clients, as well as helping us with compliance, regulation and marketing.
“Fairstone is a rapidly growing business with dynamic management and a clear vision. The synergies between our companies will be beneficial for both our clients and our staff. The business is at the cutting edge of modern financial services and is the right partner to help us grow and develop our service.”
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By GlobalDataThe acquired firm will be rebranded as Fairstone Mortgage Solutions.
Fairstone CEO Lee Hartley said: “Allensons is an incredibly well-regarded firm in their sector, with many of Britain’s leading housebuilders recommending the company year after year for their expertise in the new build market.
“It is companies like this which we are pleased to welcome to Fairstone, bringing best-in-class personal service, a long and distinguished track record and a desire to grow their business. We look forward to working with Paul and the whole team at Allensons.”
