Rapidly expanding Progeny says the deal will expand its footprint in East Anglia and boost total Assets Under Management to over £7.5bn.

The cost of the deal has not been disclosed.

Gibbs Denley was set up in 1990 and has 36 staff, including seven Chartered Financial Planners, working from three offices in Cambridge, Bury St Edmunds and Chelmsford.

Simon Rees, managing director of Gibbs Denley, said: “Over 30 years we have built a highly successful business by providing exceptional customer service and nurturing trusted, long-term relationships with our clients.

“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, CEO of Progeny, said: “A trusted, highly professional and ethical firm with great people: Gibbs Denley are an illustrious business. 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. I look forward to what we can achieve together.” 

Progeny recently achieved Chartered firm status from the Chartered Insurance Institute / Personal Finance Society.

The firm has made numerous acquisitions in recent years, including several Chartered Financial Planning firms in 2022. 

In July the Financial Planning firm acquired Edinburgh-based Chartered Financial Planners Balmoral Asset Management to expand its presence in Scotland. In November the firm purchased three-office Chartered Financial Planning firm Lewis Brownlee Financial Services to expand in the South of England.

In June Progeny agreed to acquire The Fry Group for an undisclosed sum. In May it acquired Hampshire-based Financial Planning firm Coll Perkins and in February it acquired Chartered Financial Planning firm RU Group, adding £3bn in assets under management.

US-based private equity firm Further Global Capital Management acquired a majority stake in the five-year-old Progeny business in October, to spur the firm’s expansion. Both management and Progeny’s existing capital partner, LSG Holdings, remain invested as significant shareholders in the company.

Simon Rees, managing director of Gibbs Denley, said: “Over 30 years we have built a highly successful business by providing exceptional customer service and nurturing trusted, long-term relationships with our clients.

“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, CEO of Progeny, said: “A trusted, highly professional and ethical firm with great people: Gibbs Denley are an illustrious business. 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. I look forward to what we can achieve together.” 

• Financial Planner and wealth manager Kingswood has completed its acquisition of Irish financial adviser Moloney Investments following regulatory approval. The deal with Moloney, based in Dublin, was announced last September.