Fairstone Group, one of the UK’s largest Chartered Financial Planning firms, has signed up Bankfield Financial Advisers to its downstream buyout programme.
Leicester-based Bankfield offers financial planning services to individuals and businesses.
With over 2,500 clients, the Bankfield deal brings revenue of GBP600,000 to the Fairstone Group and funds under management in the region of GBP30 million. Under the terms of the deal, following an integration period Fairstone plans to fully acquire the Bankfield business.
Founded by Naren Naik in 1993, Bankfield comprises three additional advisers and has ambitious growth plans to hire a number of new advisers in the near future. The support structure and systems of the Fairstone Group will allow Bankfield to expand and grow in line with its objectives without any degradation of client service.
Gary Rusby, head of business strategy at Bankfield, says: “We fully intend to be a leading light in financial services in the Midlands with some ambitious growth targets for this year and into the future. We see Fairstone as being able to provide the support we need in order to achieve these goals. With in excess of GBP3 billion funds under management and chartered status, we are confident that in Fairstone, our clients will be supported in the best way possible.”
Lee Hartley, CEO of Fairstone Group, adds: “What Naren has created at Bankfield is a complete advisory business based around integrity, honesty and an ethical approach to their work. Bankfield incorporates all that is best about a bespoke financial planning firm with a commitment to innovation which keeps them at the forefront of the adviser profession. The team recognise that their clients are the lifeblood of the organisation and have built a strong team of advisers around them, making sure that their clients get the level of service they need.
“Bankfield is exactly the sort of ambitious company we look to partner with. It has been involved in the formation and growth of many businesses including a multi-million pound project to create the UK’s first private dental teaching school in Leicester and we look forward to helping them achieve their growth targets.”
