Leeds firm Progeny buying financial planning practice Gibbs Denley - this is why

Progeny said the acquisition would allow the company to extend its footprint to East Anglia and take its assets under management to more than £7.5bn.

Simon Rees, Managing Director of Gibbs Denley, said the deal represents a major step forward for his firm, which was founded in 1990.

“Over 30 years we have built a highly successful business by providing exceptional customer service and nurturing trusted, long-term relationships with our clients,” he said.

“In becoming part of Progeny we take a quantum leap in the services we provide to our clients, with financial planning, investment management, legal and tax specialists in house.

“We can keep striving to achieve ever-higher standards for our clients and now offer them easy access to a range of additional professional services to meet all their legal and financial needs.”

Neil Moles, chief executive officer of Progeny, said he was delighted at the acquisition and believes the deal works well for all of the parties involved.

“A trusted, highly professional and ethical firm with great people: Gibbs Denley are an illustrious business,” he said.

“Naturally, we’re very happy that they have joined Progeny, bringing with them a stellar team, superlative standards and a connection with their communities that stretches back many decades.”

Mr Moles added: “I look forward to what we can achieve together.”

A team from Progeny’s corporate legal department acted as legal adviser to Progeny on the transaction.