A Chartered Financial Planning group has agreed a deal to take an initial minority stake in a Lancashire Financial Planning business.

Fairstone Group announced it has entered into a downstream buyout agreement with McParland and Partners.

The company is based in Nelson, Lancashire and operates satellite offices in Manchester and Sheffield, offering Financial Planning for SMEs and high net worth individuals.

The deal brings total revenue of £1.6m to the Fairstone Group and funds under management of approximately £160million. In addition, 10 advisers and 13 support staff will join the broader group.

McParland & Partners represents over 2,000 clients, who will receive front and back office support from Fairstone.

This agreement comes shortly after a deal with Sale-based advisory company Avidus Scott Lang, further expanding Fairstone’s footprint in the North West of England.

Lee Hartley, CEO of Fairstone Group, said: “We felt very strongly from the beginning that McParland and Partners were an ideal fit for Fairstone, culturally and in their approach to looking after clients. We have worked with McParland and Partners as an enterprise firm and are very pleased that they will be joining us as a full DBO programme partner.

“Their focus on quality and superior service is exactly what we are looking for as a group and we will seek to enhance that further by providing marketing, client acquisition and financial support to enable them to grow further. For some time we have actively sought companies to join us and it is now encouraging to see quality advisory businesses approaching us to be a part of our growing national brand. ”

Sean McParland, principal at McParland and Partners, said: “Fairstone’s chartered status and our shared vision for how financial planning will look in the future made this deal a very easy choice for us. The strength of Fairstone’s technology platform and the significant add-on services which are now available to us, means that we can spend more of our time on what really matters – providing the very best financial advice to our clients. By adopting Fairstone’s brand we can cement our strong position locally, and realise our ambitious development plans.”