Bright Blue Wealth acquisition
The Penny Group continues to expand with the addition of Bright Blue Wealth.
The Penny Group Ltd (tPG) is pleased to announce that it has completed its acquisition of Bright Blue Wealth (BBW). BBW, which is headed up by Andy Wilmot, has been providing advice to high-net-worth clients across London and the Southeast for over 25 years. Wilmot and the BBW team of advisers and support staff will continue to trade under their current brand from their existing Chertsey based offices to ensure there is no disruption to the current operation.
This acquisition is part of the Penny Group’s broader growth strategy which focuses on collaborating with practice owners within the Openwork Partnership early in their succession planning journey to ensure there is a structured integration over an extended period of time. Wilmot plans to remain active in the business for at least the next 3 years which will help to ensure a seamless transition for clients and staff.
For the past five years, tPG’s corporate mission has been to become the leading Financial Planning practice within the Openwork Partnership. The latest acquisition cements this position with tPG’s assets under management (AUM) now topping £750m and are expected to exceed £1bn in the next 12 months.
Andy Wilmot, owner of Bright Blue Wealth said:
“We have been working alongside the Penny Group within the Openwork Partnership for several years and this change of ownership provides Bright Blue Wealth with continuity for our clients.
The Penny Group is a Chartered firm and their recent appearance in the Financial Times top 10 advice firms in the UK demonstrates the quality of the organisation we have chosen to partner with. The team and I are excited to be joining a group which we believe will complement our business and allow us to continue to build on the holistic service we provide to a great many families."
Graeme Morrissey, Partner at the Penny Group commented “We are delighted that Andy has chosen to partner with us and is entrusting the Penny Group with the long-term future of Bright Blue Wealth. This acquisition is a perfect example of how well organised succession planning should be conducted by business owners who are considering their ultimate retirement at a future date.
We have a proven track record of successfully integrating similar Openwork Practices into the Penny Group and we have no doubt that the change will be a success for Andy, his team, and the clients they have been working with for many years.”