Chartered Financial Planning firm Fairstone has acquired two new advisory firms, one in the South and one in the East.

Newcastle-based Fairstone has bought Hamlyn Financial Services in Swaffham and Wagstaffs Wealth Management in Stevenage.

Hamlyn specialises in pensions and investments and the acquisition adds 2,500 clients to Fairstone together with six advisers and seven support staff. The deal also adds gross fee income of £830,000 and £113m in funds under management.

Wagstaffs Wealth Management specialises in holistic Financial Planning. The takeover of Wagstaff adds 330 clients into the group plus three advisers and four support staff. The acquisition also secures gross fee income of more than £1m for Fairstone together with funds under management of about £150m.

Lee Hartley, chief executive of Fairstone, said: “Both Wagstaffs and Hamlyn are dedicated to quality service and like Fairstone, take a client centric approach to business. They also share our appetite to grow and develop, making them a perfect fit.

“Finalising these deals brings two more valued businesses into Fairstone and is a good start to our growth strategy for 2020.”

Company principals at Wagstaffs, Elliot Stewart and Simon Beedle, said that the culture, the people and the whole of market approach for client solutions, were the main factors in selecting Fairstone.

Mr Stewart added: “Our clients are at the heart of our business and this shared attitude stood out from our first contact with Fairstone.”

Company principal at Hamlyn, Stephen Grass, said: “Joining Fairstone has provided us with additional support and research capabilities to ensure that we continue to offer our clients the best possible independent financial advice, both now and in the future.”

Fairstone has more than 60,000 clients and operates in 48 locations.