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London broker Mortgage Find acquired by consolidator Fairstone

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  • 15/10/2019
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London broker Mortgage Find acquired by consolidator Fairstone
Financial planning firm Fairstone has acquired adviser firm Mortgage Find, whose completed £280m in lending for clients last year.

 

The deal was one of a pair of acquisitions that also included wealth manager Lofthouse Gate and will bring gross fee income of £23m and funds under management of £120m to Fairstone.

The acquisitions together added 8,800 clients, 20 advisers and 14 support staff to the group.

The firm said: “These two purchases, which mark a total of six acquisitions for us this year, highlight the strength of our proprietary downstream buyout model, which reverses the traditional buy-and-build approach in integrating ambitious independent financial adviser firms into the group.”

Mortgage Find, which is based in London, arranges residential and buy-to-let mortgages, and Lofthouse Gate specialises in pension planning and investment management out of Wakefield.

Mark Alexander, principal at Mortgage Find, said: “We have joined forces with Fairstone to enable us to use its excellent compliance systems and structures, so that, in turn, we can spend more time focusing on clients.”

Lee Hartley, chief executive of Fairstone, said: “We’re delighted to complete the acquisitions of Lofthouse Gate and Mortgage Find through our proprietary downstream buyout programme.

“Our model delivers strong organic growth that leads to a transfer of client ownership and focuses on firms with an appetite to grow,” Hartley added. 

 

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