Consolidator Fairstone has acquired Sims Financial Planning through its downstream buy-out (DBO) programme.
The deal is Fairstone’s third acquisition of this year. It adds total fee income of around £500,000 and funds under management of over £90m to the consolidator’s books.
A total of three employees will join Fairstone as part of the deal. Sims Financial Planning joined Fairstone’s DBO programme in July 2015.
Sims Financial Planning company principal Neil Sims said: “We wanted to find a large, well established and professional firm which had the tools to support our advisory activities. Fairstone’s downstream buy out process has been a vital part of integrating successfully and it has ensured that there were no sudden shocks upon acquisition.”
The consolidator plans to make a total of nine acquisitions through the DBO model this year.
Earlier this month, Fairstone purchased Leicester-based Brett & Randall Financial Services and Stockton-on-Tees-based Chilli Financial through the DBO programme.
Fairstone Group CEO Lee Hartley said: “We have enjoyed working closely with Neil Sims and his team over the past few years as they have become part of Fairstone. They are dedicated to providing quality independent advice and by relieving them of the regulatory and compliance burden, they can now spend more time working with their clients and expanding their business.”