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Richard Bell

Progeny Group of Leeds acquires London-based financial planner

Wealth management and legal advice company Progeny Group has acquired Chestergate Financial Planning.

The Leeds-based firm snapped up Chestergate, which has offices in Salisbury and London, for an undisclosed sum.

Following the deal, the Chestergate team will join Progeny to expand its wealth management footprint.

The acquisition will, in turn, give Chestergate clients access to Progeny’s asset management and private and corporate legal advice offering.

Neil Moles, Progeny Group’s managing director, said: “This is the latest step in Progeny’s ‘acquire to hire’ growth strategy based on the principle that an advisory business is only as good as its people.

“Over 20 years Chestergate has built a track record that proves they share our vision of skilled, professional financial advice with a long-term focus.”

He continued: “Adding Chestergate means that a large and affluent southern market in and around Salisbury will now have access to Progeny’s offering, and they will generate synergies with our existing London operations.”

As part of the deal, Chestergate’s management took a minority stake in the Progeny Group.

Robert Gerwat, managing director at Chestergate Financial Planning, commented: “The quality of our team has allowed us to specialise in advising clients with complex financial arrangements, and help them achieve their financial and lifestyle goals.

“Joining Progeny will extend and deepen our offering, adding specialisms in asset management as well as private and corporate law.”

Chestergate’s founding director, Peter Moss, said of the transaction: “Becoming a part of the Progeny Group enhances the long term potential for our people and for the firm, and broadens our offering to clients.”

Progeny Corporate Law’s Alistair Scott-Somers led the team that advised Progeny on the legal elements of the deal.

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