Progeny said the deal would allow it to expand its presence in Leeds and the Yorkshire area.

The financial details of the deal have not been disclosed.

The Guiseley-based firm was established in 1987 and has a team of 12. It specialises in Financial Planning services to private clients and their families in Yorkshire and around the UK.

Progeny plans to integrate Glendinning’s fully into the Progeny business.

Paul Glendinning, director at J M Glendinning Financial Services, said: “We’re really excited about joining Progeny, and in the process reinvigorating our business to take our service and offering to new levels for our clients. Progeny understand our mindset and, crucially, the aims and ambitions of our clients at a regional and national level.

“A larger firm brings opportunities of scale; becoming part of Progeny’s multi-disciplinary business offers unique opportunities for exponential growth. Our clients can now benefit from a vast range of additional services to meet all their legal and financial needs.”

Progeny has recruited additional staff to help with the integration process.

Neil Moles, CEO of Progeny, said: “We’re very happy to welcome the team at Glendinning’s into Progeny. As near-neighbours, we know each other well and we have both seen opportunities for growth and progress in coming together.

“Our acquisition strategy is driven by our long-held commitment to providing a high-quality service to clients, with a high-performing and skilled team and our acquisition of Glendinning’s is very much in keeping with this.

“As we have said on many occasions, clients’ needs and concerns will always be paramount, and prioritised ahead of profit. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.

“This is why we have recruited a number of additional team members to ensure the integration of the Glendinning’s business is seamless and to be ready to hit the ground running for their clients from day one.

“In recruiting a number of new team members we’re also happy to help drive the post-pandemic recovery in the region and keep growing our business, and shaping the financial advice industry of the future. We are building a business, not buying one, and we’re passionate about creating an environment where exceptional financial planners can excel.”

Last month Progeny announced that US-based private equity firm Further Global Capital Management is to acquire a majority stake in the firm for an undisclosed sum, a move which it hopes accelerate Progeny's expansion. 

New York-based Further Global Capital Management said it would take a majority stake in the five-year-old Progeny business subject to regulatory approval. Progeny’s senior management team are staying in place.

Both management and Progeny’s existing capital partner, LSG Holdings, will remain invested as significant shareholders in the company. 

Further owns a number of financial firms including AA Insurance Services in Ireland and US business services firm Kroll.