Fairstone has expanded its footprint in East Anglia with the takeover of Allen Tomas & Co, a financial advisory firm based in Norfolk.
The Sunderland-headquartered wealth management group completed the acquisition after a year-long partnership with the business under its downstream buy-out (DBO) model.
Allen Tomas & Co was founded in 2014 by Ben Allen and Michael Crisp. The firm, based in Dersingham near King’s Lynn, advises more than 260 clients and manages around £120m in assets.
It provides investment, retirement and wealth management services and became part of Fairstone’s DBO programme in 2023.
The DBO model allows firms to grow with the backing of Fairstone while planning for a future sale. During this time, Fairstone provides infrastructure, regulatory support and compliance expertise.
This gives financial advisers space to concentrate on clients and develop their businesses while maximising value ahead of a full acquisition.
More than 100 firms have joined Fairstone using the approach, helping to make the group one of the UK’s most active consolidators in the sector.
Ben Allen, principal and chartered financial planner at Allen Tomas & Co, said the move would benefit both clients and staff.
He said: “We’re thrilled to have become part of the Fairstone group.
“Fairstone’s focus on putting the client first was so important for us – joining Fairstone means that our current clients will be able to benefit from the support, reassurance and IT capabilities of a major national firm while still getting personalised advice informed by our local knowledge and understanding of the area.
“Importantly, Michael and I will retain our Chartered Independent status, meaning that we will continue to provide unbiased financial advice to clients and recommend products from the whole of market.
“And with Fairstone’s head office team providing support on compliance and regulatory matters, it frees up more of our time to concentrate on advising clients, growing the business and working closely with professional connections.”
Fairstone operates from more than 50 locations nationwide, employs 1,250 people and serves 60,000 clients.
The group is targeting rapid growth and aims to double the value of assets under management from £20bn to £40bn within five years.
Executives say East Anglia has become a priority growth region, with further DBO partnerships planned as part of a wider national expansion.
Russell Bignall, group managing director at Fairstone, welcomed Allen Tomas & Co to the business.
He said: “We’re delighted that Ben, Michael and the team at Allen Tomas & Co are now part of the Fairstone family.
“Their client-focused approach and determination to grow the business tallies perfectly with our philosophy and their location further boosts our presence in East Anglia.
“The acquisition underscores Fairstone’s dedication to expanding our footprint on a regional and national scale.
“With our sights firmly set on growing client assets under management from £20 billion to £40 billion over the next five years, we’re looking to partner with similarly ambitious, forward-thinking firms right across the UK and Ireland with increased valuations on offer for growth-focused wealth advisers.
“Our DBO model remains a compelling choice for ambitious firms pursuing sustainable growth and improved client outcomes.
“In the past two years, the average value received by firms after earn-out has been 120 per cent, with the most successful firm hitting 180 per cent.”
Fairstone’s strategy of partnering with regional firms before acquisition has been central to its national growth plans.
With Allen Tomas & Co now integrated, the company has further strengthened its presence in East Anglia – an area it says will remain central to its expansion ambitions.
