Fairstone Group announced it has fully acquired Leeds-based Howton Financial Services.
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 £53 million.
The purchase of the company under Fairstone’s downstream buyout model has been completed.
Fairstone has 22 adviser firms under this type of arrangement and today’s is the third to complete this year, it reported.
The DBO model means Fairstone takes an initial minority stake in an IFA business and integrates the firm over a number of years.
Lee Hartley, CEO of Fairstone Group, said: “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.”
Paul Howard, managing director at Howton Financial Services, said: “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.”