Fairstone adds £183m with North East acquisitions

Fairstone has acquired two North East financial advice firms with combined client assets under management of £183m.

The wealth management group has bought Sunderland-based Grainger Financial Planning and Riverstone Wealth Management, which is based in Morpeth, Northumberland.

The two firms advise more than 460 clients between them and first joined Fairstone’s Downstream Buy Out programme in May 2024.

Grainger has been providing financial planning and wealth management services for more than 15 years. It serves almost 400 clients and has £120m in assets under management.

Riverstone was established in 2009 and advises more than 65 clients with assets under management of £63m.

The firms have now completed their initial partnership periods and become fully part of Fairstone.

Fairstone’s Downstream Buy Out model involves investing in advice businesses during a period of partnership before completing their acquisition.

It provides firms with operational, regulatory and compliance support while allowing them to participate in the value created through their growth.

Grainger firm principal Paul Clough, who runs the business alongside Mike McGurrell, said the acquisition would enable the firm to expand while continuing to provide independent advice.

“We’re really pleased to be joining Fairstone. As a company based in Sunderland, like ourselves, it genuinely feels like we’re coming home.

“The additional support we’ve received on things like regulatory and compliance matters has freed up more of our time to spend with clients and seen the range of services we can offer widen.”

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Riverstone founder and firm principal Mark Wiseman, who works alongside his brother Ian Wiseman, said the partnership had helped the business grow its client base.

“We are already providing an increasing number of people with trusted, independent financial advice and I’m confident that this will continue now that we are part of Fairstone.”

Fairstone Northern region managing director Steve Easter said the acquisitions demonstrated the group’s commitment to expanding in its “North East heartland”.

“In acquiring Grainger and Riverstone, we’re bringing on board firms which share those values, strengthening our ability to support clients across the region.”

Fairstone, which has its group headquarters in Sunderland, operates from more than 50 locations across the UK and Ireland.

The business employs more than 1,350 people and serves over 60,000 wealth management clients with more than £22bn in assets under management.