The Penny Group acquires Ridgewood Finance Ltd as part of long-term growth plan
The Penny Group Ltd. (tPG) is pleased to announce that it has completed its takeover of Ridgewood Finance Ltd (RFL). RFL are a Surrey based financial advice firm established in 2006 by Ian Lloyd and Juliano Arnese. This acquisition is the seventh of its kind as the Penny Group continues to execute its buy and build strategy within The Openwork Partnership.
As part of the transition, RFL’s Arnie Arnese (Practice Principal) and Keith Scheu (Financial Adviser) will be joining tPG from the 22nd of July 2022. Ian Lloyd (Practice Principal) will be joining tPG as a consultant for the next twelve months before retiring.
For the past five years, tPG’s corporate mission has been to grow and become the leading Financial Planning practice within the Openwork network.
The latest acquisition of RFL brings tPG closer to accomplishing this goal.
Arnie Arnese, Owner of Ridgewood Finance Ltd commented: “We have been engaging with the Penny Group on this matter for several years as my business partner Ian has approached retirement. Both Ian and I have both been continually impressed with the professionalism and energy of the whole tPG Team. The Penny Group is a Chartered firm with a highly trained support team. It gives us a lot of confidence that we are partnering with an organisation which has the infrastructure to be able to continue to provide the level of service which our clients have become accustomed to over the years.”
The Penny Group and Ridgewood Finance Ltd are members of the same network, The Openwork Partnership. This will allow the integration of the businesses to take place with no break in client service, and a continuation of common systems and processes for the Ridgewood advisers. RFL will be maintaining their office at Ridgewood Stud until March 2023, although the back-office support of the Penny Group in London will be utilised to further improve client service.
Graeme Morrissey, Partner at the Penny Group commented “We look forward to welcoming Arnie and Keith into our business and wish Ian all the best as he winds down towards retirement. We have a proven track record of successfully integrating similar Openwork Practices into the Penny Group and we have no doubt that the merger will be a success for Arnie, Keith and the clients they have been working with for many years.”