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Fairstone acquires Howton Financial Services

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Fairstone Group has acquired Leeds-based Howton Financial Services under its downstream buyout (DBO) model, the third such deal to complete this year.

The DBO model sees Fairstone take an initial minority stake in an IFA business and integrate the firm over a number of years. This helps to minimise Fairstone’s exposure to integration risk and allows the acquired company to profit from their own success upon final acquisition. 
 
The companies can leverage the group’s technology platform and benefit from significant support in marketing, new client acquisition and reactivating dormant clients. There are currently 22 adviser firms under this type of arrangement with Fairstone.
 
Led by founder and business principle, Paul Howard, Howton specialises in holistic financial planning for individuals, families and businesses with a focus on tax efficiency, pensions and investment. 
 
Fairstone first partnered with Howton three years ago and it currently has funds under influence of some GBP53 million.
 
Lee Hartley (pictured), CEO of Fairstone Group, says: “We are delighted that Howton Financial is coming on board; the third recent purchase to complete under our DBO model and is testament to the robust nature of our process in partnering with quality advice companies.  Having joined Fairstone, we have given Howton back the time previously spent on compliance and regulatory issues allowing Paul and his team to fully focus on their clients.”
 
Howard adds: “In joining Fairstone we were able to transfer the somewhat onerous compliance and regulatory responsibilities to them which allowed us to commit greater time and resource to client care and service. We are extremely proud to be joining Fairstone which, like us, focuses on delivering the best possible quality service to clients. We firmly believe that Fairstone will provide a good home for both our clients and business in the future.”

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