The acquisition brings more than 11,000 wealth and mortgage clients into the group together with Chadney Bulgin’s 27 advisers and 38 support staff. The acquisition also secures funds under management in excess of £850 million.
Chadney Bulgin is a whole-of-market Chartered advice firm specialising in advice and management of investment and retirement portfolios. The firm have two office locations across Fleet, Hampshire and Chichester, West Sussex.
Commenting on the deal, Lee Hartley, CEO of Fairstone, said: “We are delighted to welcome Chadney Bulgin to the Fairstone family. The client-focussed team has almost three decades of experience in providing quality advice and exceptional service to their clients, making them 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 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.
David Thomas added: “With a number of our Partners approaching retirement, it was important to seek a potential acquirer who can take Chadney Bulgin to the next level. Martyn & I spoke to over 60 firms with the primary aim of finding a Chartered firm with a very similar culture of placing the client at the heart of everything we do, whilst also looking after our staff. Fairstone fits those criteria perfectly.”
Martyn Griggs added: “For several years, we have been searching for the right business partner to embrace our culture, philosophy, and principles, in continuing to provide the highest quality, client focussed, Chartered, independent financial advice.
“We are delighted to have found such a firm in Fairstone, who will further enhance our client proposition and present an exciting new opportunity for all the staff that have helped us to grow over the last 28 years.”
Lee 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.”
Headquartered in Newcastle with 42 locations across the UK, Fairstone is the number one ranked wealth management firm on Trustpilot and oversees £12 Billion FUM for over 40,000 wealth clients.
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