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Progeny Expands into Scotland and South East with Triple Acquisition

14th February 2019 No Comments
Scenic view of Edinburgh skyline with the castle in background

We are pleased to announce that we are continuing our rapid expansion with the acquisitions of three new financial planning and wealth management firms across the country. The acquisition of Innovate Financial Services in Edinburgh marks our first expansion into Scotland, while the acquisitions of Quest Financial Solutions in Buckinghamshire and Juno Wealth Management in Sussex will strengthen our presence in the South East.

All three firms have built up enviable reputations in their respective areas. Their commitment to client service and technical excellence chimes with our ethos, which has been at the core of our rapid expansion in recent years.

Innovate’s, Quest’s and Juno’s clients will now be able to benefit from Progeny’s asset management, financial planning and private and corporate legal services, all offered with transparent costs.

In line with our ‘acquire to hire’ strategy, the management and staff of all three firms will join our team, doubling our national headcount to 125.

A team from Progeny Law led by Alistair Scott-Somers acted as our legal adviser on the transactions.

Media Coverage

The news of our acquisition of Innovate broke on Monday morning (11th Feb) in The Scotsman, which published an exclusive feature on the front page of its business section. (Read it online here). The piece discusses Progeny’s “rapid growth across the UK in recent years” and highlights “more potential deals” north of the border.

Managing Director, Neil Moles, told The Scotsman: “We feel that Scotland is a very important market for us”. He added that further Scottish growth will come via a combination of organic growth and acquisitions, with law firms among potential targets. “It’s a very exciting time”, he said.

Citywire Wealth Manager published the news of our second and third acquisitions on Thursday morning (14th Feb). (Read the piece online here). Managing Director, Neil Moles, added to his previous comments, telling Wealth Manager that the firm is already in talks with other businesses both in Scotland and the rest of the country, and that more deals will be announced as the year progresses. “It is not about location but about the firm”, he said. “We are not consolidators building a network – our acquisitions are fully integrated”.

Progeny surpassed £1bn in assets under advice with our acquisition of Evolve Financial Planning in July 2018. Moles told Wealth Manager that the new acquisitions have increased assets significantly and that, if the right firms come along, the £2 billion milestone will be reached relatively quickly. “The important part for us going forward is to become the best planning business in the UK”, he added.

The Innovate announcement was covered in publications including:

The Quest and Juno announcement has since been covered in further publications, including:

Comments

Commenting on the Innovate acquisition, Neil Moles, Managing Director of Progeny, said:

“We are not pausing in the development of Progeny. Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.

“Innovate’s clients will now have access to the Progeny formula of wealth planning and management as well as legal advice in one place, offered with a transparent fee tariff.”

Chris Donald, Managing Director of Innovate Financial Services, added:

“We are delighted to become to part of Progeny and their first expansion into Scotland. Progeny will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”

On the Quest and Juno acquisitions, Neil Moles added:

“We look forward to welcoming Quest Financial Solutions and Juno Wealth Management to the Progeny family, and adding their skills to our transparent full-service offering, providing in-house wealth and legal advisory services.”

John Francis, Managing Director at Quest Financial Solutions, commented:

“Progeny’s progress over the last two years has been hard to ignore, its track record of advising business owners, family wealth and individuals with complex wealth management needs aligns with our offering. Something we are excited to add to our proposition is a full suite of legal services which we believe to be crucial when continuing to provide our clients with the holistic solutions they deserve”

Tracey Evans, Principal Adviser and Director of Juno Wealth Management, added:

“Our existing service delivers lifetime financial planning and advice at the highest level of professionalism. Progeny has a similar long-term approach of looking to the future, identifying the trends in the way our clients are living and thereby helping them safeguard their wealth.”

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