Fairstone has acquired Chadney Bulgin, including the Hampshire-based firms’ 27 advisers and 38 paraplanning, administrative and other support staff.
Chadney Bulgin is a whole-of-market Chartered advice firm specialising in advice and management of investment and retirement portfolios and funds under management in excess of £850 million.
Commenting on the deal, Lee Hartley, CEO of Fairstone (pictured with Chadney Bulgin’s David Thomas), said the firm’s almost three decades of experience in providing “quality advice and exceptional service” to their clients, made it “an excellent fit for Fairstone”.
“Welcoming Chadney Bulgin marks a valued addition to the group and continues our commitment to invest in quality, forward thinking firms that are on a clear upward trajectory. We are looking forward to working with the team to support them to significantly grow the business, without compromising on client service or independence.
“We have every faith that with Martyn, David and the team at Chadney Bulgin, we have found long-term business partners who will play a key role in the next part of our journey.”
The acquisition by the full-service wealth management house, was made through a new structured buy out proposition.
The Fairstone model targets larger, ambitious IFA firms who want to realise top-tier value based on current profitability, whilst also being able to take advantage of Fairstone’s structured opportunities for growth and additional value, post completion.
Chadney Bulgin’s principals, David Thomas and Martyn Griggs, said that the Fairstone proposition appealed as it enabled the firm to continue to provide an independent offering to clients, while also benefitting from being part of a larger organisation.
Hartley added: “Fairstone supports sector leaders in developing their businesses and I can say with confidence that we remain in a superb position to deliver more growth throughout this year and far beyond.
“Our approach is the exact opposite of the traditional ‘consolidator’ model and our underlying numbers – from client satisfaction and client retention through to earn-out performance – fully back this up.”
Fairstone is headquartered in Newcastle, has 42 locations across the UK, overseeing £12 billion FUM for over 40,000 wealth clients.
