Fairstone, one of the UK’s largest Chartered Financial Planning firms, has signed up London-based Premier Portfolio Financial Services to its downstream buy-out programme.
This is the third business to join Fairstone’s proprietary acquisition framework in 2018, with the aim of fully integrating the company prior to full-acquisition.
The deal brings four staff and total ongoing fee revenue of GBP550,000 and GBP40 million AUM to the wider business. Fairstone services 41,000 private clients with over GBP8.1 billion in investment and pension assets.
Founded in 1995, Premier Portfolio Financial Services is a firm of independent financial advisers predominantly working in the corporate sector together with a number of high net worth clients.
The downstream buy out approach ensures that companies are fully-integrated with Fairstone prior to final acquisition, ensuring a seamless transition for clients and a business-as-usual environment for staff. Significantly, many companies which have successfully reached full-acquisition have enjoyed increased organic growth and a higher valuation than expected on purchase.
Adam Salomon, company principal at Premier Portfolio Financial Services, says: “We wanted to put in place a plan for the business which will protect our valued client relationships long into the future. Fairstone offered the opportunity to join a company with world class infrastructure, professionalism and a partnership that puts the interests of our clients first.”
Fairstone CEO, Lee Hartley, says: “We are very pleased to bring another successful, high quality business into our downstream buy-out programme. Premier Portfolio Financial Services will now be able to take advantage of Fairstone’s support and infrastructure to grow the business without compromising on client service or independence. With our scale and tools behind them, Adam and the team will be in the best possible place to ensure sustainable and ongoing success for their company.
“Our DBO programme continues to be a core driver of growth for the business and to already have signed up our third firm of the year highlights the strength of our proposition. IFA companies are increasingly looking to focus most of their efforts on superior client service at a time of ever increasing regulation and the partnership with Fairstone gives them the support they need, whilst helping them to achieve their growth targets.”
