Â£25million boost will create up to 20 new jobs in Boldon
Finance firm Fairstone Group is to create up to 20 new jobs on the back of a Â£25million investment.
The independent financial advisory specialist has secured the capital injection from private equity firm Synova.
Fairstone has a network of 260 financial advisers throughout the UK, looking after 25,000 private clients with £5.8billion of assets.
Chief Executive Lee Hartley said: “Synova’s investment signifies an exciting gear change in Fairstone’s build plan and demonstrates our appetite to complete more and larger buy-out deals.
“Our entire management team is obviously delighted to be working with Synova.”
The investment will enable the group to expand operations by employing up to twenty new people at its Boldon Business Park headquarters. Fairstone will be strengthening its existing links with Northumbria University by bringing in more high quality graduates.
Synova partner Alex Bowden, who now becomes a director of Fairstone, added: “Widespread change across the financial services sector has paved the way for new and innovative business models like Fairstone to develop.
“Exciting opportunities exist for quality operators to evolve into real market leaders.
“Fairstone already has a strong standing within the sector and is now one of the largest Chartered financial planning firms in the UK.”
Fairstone chairman David Hickey added: “This transaction introduces very substantial expansion capital into Fairstone and the Board foresee a sizeable shift in the scale of the group’s activities.”