The UK-based financial planning group has entered into another “downstream buyout” agreement with an independent financial advisory firm.

Fairstone Group has acquired a minority stake in McParland and Partners under its “downstream buyout model”.

The deal, details of which were not disclosed, brings revenue of £1.6 million ($2.3 million) to the Fairstone Group and funds under management of around £160 million. In addition, 10 advisors and 13 support staff will join the group.

McParland and Partners is based in Nelson, Lancashire, with satellite offices in Manchester and Sheffield. The firm offers financial planning to small and medium-sized enterprises and high net worth individuals.

“We have worked with McParland and Partners as an enterprise firm and are very pleased that they will be joining us as a full DBO programme partner. Their focus on quality and superior service is exactly what we are looking for as a group and we will seek to enhance that further by providing marketing, client acquisition and financial support to enable them to grow further,” said Lee Hartley, chief executive of Fairstone Group.

Fairstone's downstream buyout model has seen the incorporation of 35 independent financial advisory firms since 2011. The group has £5.8 billion of funds under advice, with £2.4 billion of funds under management. Based in Newcastle upon Tyne, it provides services covering financial management, private wealth, corporate solutions, mortgage solutions and estate planning channels.

In January, Fairstone signed a similar deal with Sale-based advisory company Avidus Scott Lang. Last month, it agreed to acquire Northern Ireland-based First Financial Management.