Fast-growing national Financial Planning firm Fairstone has acquired Chartered firm Mantle Financial Planning in its first deal of 2023.

The takeover, for an undisclosed sum, will add £450m in Funds Under Management to Fairstone which plans further acquisitions this year.

In its last financial year Fairstone completed eight acquisitions.

Mantle principals Colin Caulfield and Clive Shaw said they chose to be taken over by a larger firm because of, “the increasing difficulties of being a medium-sized IFA directly regulated by the FCA.”

Mantle Financial Planning focuses on holistic Financial Planning for high-net-worth individuals. It has 11 advisers, 16 staff and more than 2000 clients. All will be absorbed by Fairstone.

Mantle joined Fairstone’s Downstream Buy Out (DBO) progressive acquisition model in June 2020.

Mr Caulfield said: “Joining Fairstone was the right decision as they are an independent, Chartered, national firm which is not just interested in the client bank, but the company as a whole.

“We all look forward to becoming a full part of the successful Fairstone Group and firmly believe this will be in the long-term best interests of both our clients and the company.”

Fairstone chief executive Lee Hartley said: “Mantle Financial Planning is a quality firm with first-class individuals, who share our dedication to exceptional service and are committed to long-term organic growth, making them an excellent addition to the Fairstone family.

“We have supported their growth through the integration phase, which is borne out in the increase in revenue and clients they have seen over the past two years. I am delighted to say we go into 2023 in an extremely strong position and look forward to announcing further expansion within the group.”

Fairstone incorporates one of the UK’s largest Chartered Financial Planning firms and has more than 40 locations across the UK with a head office in Newcastle and a City office. It oversees £13bn in FUM for over 45,000 wealth clients.