South Tyneside financial services firm Fairstone has entered the Irish market with the acquisition of PAX Financial.
The Boldon business has swooped for the Dublin firm which has 66 staff and advisers offering services to more than 7,700 clients, managing funds of €200m (around £174.3m). PAX is also behind the brand ‘AskPaul’ which has proved successful in Ireland, offering advice to consumers through social media channels.
The acquisition, made for an undisclosed amount, marks the latest milestone for Fairstone which earlier this year made its 50th acquisition over a 10-year period, while also reaching revenues of more than £100m.
The company, which has its head office at Boldon Business Park, now has more than 1,000 people across 40 bases, managing £13.5bn worth of funds for over 50,000 wealth clients and 40,000 mortgage clients.
Lee Hartley, CEO of Fairstone, said: “We are delighted to welcome PAX into the Fairstone family. We have been looking to expand into the Irish market and in PAX, we have found the perfect partners to deliver this growth.
“The combination of Fairstone’s extensive experience in the UK sector with PAX’s management team, presence and local market knowledge, makes for a powerful partnership and opens many exciting opportunities.
“We both share the same values around ambition, growth and delivering first class client outcomes and I believe that with Paul, Ian, Conor and the management team at PAX, we have found long-term business partners who will play a key role in the next part of our journey. Together we want to shape the future of financial advice in the Irish market.”
PAX CEO Paul Merriman, who will now take on responsibility for Fairstone in Ireland as CEO, said the Fairstone model had huge potential for the Republic of Ireland.
Mr Merriman said: “The decision by Fairstone to acquire PAX is a measure of confidence in the Irish market and represents an exciting opportunity for the Irish consumer. Thanks to the hardworking team at PAX, we have spent over a decade developing our business and reach in order to facilitate a move such as this. The relationship with and support of Fairstone will further accelerate this growth in the months and years ahead.
“I would also like to welcome Fairstone into our home and look forward to continuing to work with the PAX team as we deliver on our collective promise to preserve, plan and protect the financial future of our clients.”
