Chartered financial planning firm Fairstone has made its eighth acquisition of the year, buying North-East firm Chilli Financial Limited.
The purchase was made using Fairstone’s "downstream buyout" (DBO) model that looks to integrate IFA firms into the group.
Stockton-based Chilli Financial, which specialises in wealth management, brings 400 clients to its new parent. Its two advisers and three support staff will also join Fairstone.
The acquisition brings gross fee income of £600,000 for Fairstone and funds under management of over £80 million.