Progeny expands into Scotland in new takeover

Leeds-based Progeny said Innovate has built its reputation as the financial planning and wealth management firm of choice in Edinburgh.Neil Moles, managing director of Progeny Group, 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.“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 the Progeny Group and their first expansion into Scotland. The Progeny Group will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”Progeny said that Innovate’s commitment to client service and technical excellence chimes with Progeny’s ethos and will help the group offer a UK-wide presence with a consistently high level of service.In line with Progeny’s “acquire to hire” strategy, the Innovate management team and staff will join the group.A team from Progeny Corporate Law, led by Alistair Scott Somers acted as legal adviser to Progeny on the transaction. Progeny Corporate Law is one of Progeny’s four business areas, which include Progeny Wealth, Progeny Asset Management and Progeny Private Law.Progeny is speeding ahead with its expansion into other parts of the UK. Last year it expanded in the South with the acquisition of Evolve Financial Planning. The acquisition saw Evolve become part of Leeds-based Progeny Wealth. Progeny said Evolve, which has offices in Croydon and London, provides high quality financial and investment planning advice across the country.