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Wealth firm triggers buy spree with key Edinburgh deal

Wealth firm triggers buy spree with key Edinburgh deal

Progeny Group has kicked off its planned buy spree with its first Scottish deal. 

The firm, headquartered in Leeds, has acquired Edinburgh-based Innovate Financial Services, which will form the base of its planned expansion into Scotland.

The cost of the deal was not disclosed. All Innovate staff will join Progeny on completion. 

The news comes after Wealth Manager revealed last month that Progeny was on the verge of sealing three deals.

These are part of a national programme of acquisitions that will continue throughout 2019, Progeny managing director and former Wealth Manager cover star Neil Moles said.

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

 

Through the deal, Innovate's clients will now be able to access the group's asset management, legal planning and legal services resources. 

Innovate's managing director Chris Donald added: 'The Progeny Group will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.'

The acquisition is Progeny's first since it increased 'assets under influence' to more than £1 billion following the buy of Evolve Financial Planning in July.  

The addition of Innovate increases the number of offices Progeny has dotted across the country to six.   

 

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