A Peterborough-based Financial Planning business has been snapped up by a national advice group, it was announced this morning.

Fairstone has taken over Zimb Johnson Bespoke Financial Planning, adding £135m assets under management and around 220 clients.

No fee for the acquisition has been revealed today.

Zimb Johnson, which last year turned over £750,000, specialises in financial planning, asset management, pensions and estate planning.

Leigh Johnson, who led Zimb Johnson for 16 years, said: “We are delighted to have joined a national player such as Fairstone Group. We were attracted to the firm not just because of the vital back office, compliance and regulatory support functions that you would come to expect, but also because of the firm’s commitment to the quality of their advisers.

“Our team will be able to benefit from the Fairstone Academy and the status that comes with being part of one of the biggest Chartered firms in the UK.”

The deal with Fairstone will help to make it more efficient in the back office, it said, due to being able to make use of its core technology platform and added value services such as its compliance, Paraplanning and lead generation services.

Mr Johnson said: “The Fairstone DBO model also allows us to create a financial services business that is able to grow in the knowledge that we are supported from the ground up, giving us and our clients stability and support for the future.”

Lee Hartley, CEO of Fairstone, said: “We’re delighted to welcome Zimb Johnson Bespoke Financial Planning to Fairstone Group. Leigh Johnson has led this company for 16 years and we are very pleased that someone of his calibre and experience has decided to bring another high quality business into the group.

“Fairstone has grown significantly in the last few years and it is made possible through partnerships with businesses like Zimb Johnson who are dedicated to their clients and can see the benefits of letting Fairstone support their ambitions.”