Consolidator Fairstone has wrapped up the acquisition of Leicester-based Brett & Randall Financial Services through its downsteam buyout (DBO) programme.
Under the DBO model, Fairstone initially takes a stake in the entity that is to be acquired prior to its complete integration.
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Brett & Randall focuses on managing investment and retirement portfolios.
The deal is the consolidator’s second purchase this year. It was first announced last April.
As part of the deal, three advisers and seven support staff from the acquired entity have migrated to Fairstone.
Brett & Randall company principal Ralph Mitchell said: “Fairstone has provided us with an infrastructure which allows us to manage the increasing regulatory requirements whilst we carry on delivering a first class service to our clients.”
The purchase increases Fairstone’s client base by 420 and adds over £200m in funds under management to the consolidator’s portfolio.
Fairstone CEO Lee Hartley said: “Through our unique DBO programme, which reverses the traditional buy and build approach in favour of an integrate, grow, and acquire model, we are able to help our partners achieve very significant levels of organic growth.
“We are delighted to finalise this deal with Brett and Randall and bring another valued business into Fairstone.”
Earlier this year, Fairstone acquired Pensions and Wealth Management Services.
