Consolidator Fairstone has snapped up Berkshire-based advice firm Chiltern House, thereby gaining around £400m in funds under management (FUM) and £2.6m gross fee income.

Fairstone closed the deal through its downstream buy out (DBO) model which involves integration of IFAs usually over a two-year period before final takeover.

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As part of the deal, four advisers and seven support and Chiltern have joined Fairstone. Besides, the deal increases the consolidator’s client base by 500.

Chiltern House principal Keith Fisher calls the deal “a strong cultural fit”.

“After 18 successful years in business and with retirement beckoning for two of the founding directors, we decided to join Fairstone to ensure the future success of the business and so that clients can continue to enjoy first-class service,” Fisher noted.

Chiltern House focuses on the management of investment and retirement portfolios.

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Fairstone has bought seven advice firms until now in 2020, adding around £1.2bn in FUM.

This increases the consolidator’s FUM to nearly £10bn and funds under advice to around £12bn.

The consolidator plans to announce more deals before the end of the year.

Referring to Chiltern House, Fairstone CEO Lee Hartley said: “Their focus on quality advice and exceptional service is exactly what we are looking for in a business and their client-centric approach makes them an excellent fit for Fairstone.”

“At Fairstone, we work hard to ensure our proposition gives firms the framework they need to significantly grow their businesses, without compromising on client service or independence, and Chiltern House has shared our appetite to grow and develop.”