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Progeny buys Edinburgh-based advice business

Progeny Group has bought Scottish-based Innovate Financial Services to form the base of its planned Scottish expansion

Progeny buys Edinburgh-based advice business

National advice firm and wealth manager Progeny Group has kicked off a 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 New Model Adviser® sister title Wealth Manager revealed last month 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 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 purchase 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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