Fairstone completes two Aberdeen DBO acquisitions
- Simon Bourke
- 11 minutes ago
- 3 min read
7th July 2026
Deal summary
Fairstone has completed the acquisition of two Aberdeen-based independent financial advice firms, City Gate Aberdeen and Albyn Associates, and simultaneously opened a new hub office in Westhill on the outskirts of the city. Together, the two firms manage more than £180 million of client assets. Both had previously partnered with Fairstone through its proprietary downstream buyout (DBO) programme before the partnership phase concluded and full acquisition completed. Financial terms were not disclosed for either transaction.
City Gate Aberdeen and Albyn Associates join Forbes Lawson Wealth Management, which was fully acquired by Fairstone in 2024, to form the group's Northern Scotland hub, the thirteenth in its network across the UK and Ireland.
About Fairstone
Fairstone is a UK wealth management group providing financial planning, mortgage and protection advice through a national network of more than 50 locations. The group holds approximately £22 billion of client assets under management and serves around 65,000 wealth clients and 60,000 mortgage clients. Steven Cooper CBE is group CEO; Shona Lowe serves as managing director for the Scotland and Northern Ireland region.
About City Gate Aberdeen and Albyn Associates
City Gate Aberdeen was founded in September 2002 and provides financial planning, mortgage and protection services, managing more than £100 million of assets; the firm is headed by Alan Johnston, a chartered financial planner and Fellow of the Personal Finance Society.
Albyn Associates was founded in 1998 and offers financial planning and mortgage services, managing more than £80 million of assets, under the leadership of independent financial advisers Colin MacLennan and Charlie Thomson. Both firms are based in Aberdeen and have relocated to Fairstone's new Westhill hub as part of the transition.
Why is Fairstone acquiring City Gate Aberdeen and Albyn Associates?
These acquisitions are the completion of relationships that had been in place for roughly two years before full ownership transferred: City Gate Aberdeen entered Fairstone's DBO programme in September 2023 and Albyn Associates in December 2023. Under the DBO model, Fairstone takes an initial minority equity stake, provides technology, compliance support and operational backing, and then acquires the remaining equity at the end of the partnership period at a pre-agreed multiple. Alan Johnston observed that the partnership had "freed our team up to be able to spend more time with clients and to help further build the business." Colin MacLennan cited access to Fairstone's whole-of-market relationships and a wider product range as tangible benefits for clients.
What happens next?
Both firms have relocated to Fairstone's Westhill hub and their existing teams remain in place, joining Forbes Lawson Wealth Management at the new Aberdeen base.
Fairstone's chief development officer Steve McNicol confirmed earlier in 2026 that a further 13 acquisitions were scheduled before year-end; no specific details on those transactions have been released.
Fairstone's other recent acquisitions
Prosperity Wealth – March 2026
Fairstone completed the full acquisition of West Midlands-based Prosperity Wealth following its DBO partnership period. The firm manages £1.5bn in assets, has an 80-strong team including 49 advisers, and supports more than 5,000 clients.
Allen Tomas & Co - September 2025
Fairstone acquired Norfolk-based Allen Tomas & Co, based in Dersingham near King’s Lynn. The firm manages £120m in assets, advises more than 260 clients, and had entered Fairstone’s DBO programme in 2023.
Imagine Financial Planning - January 2025
Fairstone completed the full acquisition of Harrogate-based Imagine Financial Planning, extending its presence across Yorkshire and the North. Imagine Financial Planning had first partnered with Fairstone in 2021 through the DBO programme.
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