Acquisitive wealth management and Financial Planning firm Fairstone has begun the acquisition process for Nottingham-based Financial Planning firm James Ryan Thornhill via its downstream buy out programme.

The deal for an undisclosed sum brings over 1,000 clients, 5 advisers and 8 support staff to Fairstone with a gross annual fee income of around £1.2m and funds under management of over £160m.

Fairstone’s progressive acquisition model sees adviser firms gradually integrated with the group over a 2-3 year period.

The acquisition has entered the phased pre-acquisition process, which will also enable both firms to fully align in terms of culture and systems, while James Ryan Thornhill will also be able to take advantage of regulatory, technical and operational support from Fairstone.

James Ryan Thornhill is based in Nottingham, and the firm specialises in pension planning and investment management.

Del-Ryan Rafter, company principal at James Ryan Thornhill, said that the prospect of being part of a larger organisation and the potential to create further growth, were deciding factors in partnering with Fairstone.

He said: “We have taken the decision to join Fairstone to provide reassurance and long-term continuity for our clients. Of the various firms that we had discussions with, Fairstone stood out and the feeling of being part of the Fairstone family particularly appealed.

“Since partnering with Fairstone we are enjoying the best of both worlds; being able to provide business as usual to our clients whilst having the support of a major national Chartered IFA firm.”

The acquisition comes a month after Fairstone completed the acquisition of East Midlands-based Sterling Asset Management, a whole-of-market advice firm based in Leicestershire, adding 1,000 new clients. 

Lee Hartley, CEO at Fairstone, said the firm continues to look for more acquisitions.

Fairstone is based in Newcastle and operates from 42 offices in the UK with 380 regulated advisers. It advises on £11bn in Funds Under Management for 40,000 wealth clients.