National law firm Clarke Willmott LLP has advised chartered financial planning firm RU Group on its acquisition by multi-disciplinary professional services firm, Progeny.
The deal, subject to FCA approval, will increase Progeny’s total assets under management to over £3 billion and allow the business to expand its presence in South Yorkshire and the East Midlands.
RU Group are wealth management and retirement experts with a team of 48 employees based across three offices, in Nottingham, Derby and Sheffield.
Becoming part of the Progeny business will give RU Group’s clients access to an additional range of legal, financial and professional services via Progeny’s multi-disciplinary offering. The RU Group was established in its current form in 2003 but the origins of the business date back over 100 years.
Ed Foulkes, Partner in the corporate team at Clarke Willmott, advised RU Group on the deal.
Andy Dyke, Chairman of RU Group, said: “This is a momentous milestone in the RU Group’s history, securing the future for our clients. We’re delighted to become part of the Progeny business and are grateful to Ed Foulkes for the central part he has played in the process, providing us with sound advice and acting as a trusted sounding board.
“We have built a well-established firm that is also well positioned for continued future growth, with Chartered status, a strong client-first ethos and a belief in the importance of embracing technology in the future of financial advice.
“What’s more, we are committed to creating long-term prosperity for our clients, placing them at the centre of our decision-making. For all these reasons, Progeny and RU Group are an obvious fit.”
Neil Moles, CEO of Progeny, said: “We’re very happy to welcome a firm with the prestige and heritage of RU Group into the Progeny fold.
“As a locally owned and managed company, RU Group are embedded in the communities in which they operate. They have demonstrated consistent entrepreneurial organic growth in AUM and profitability, supported by a highly qualified and well-developed team with excellent potential for the future.
“We look forward to welcoming RU Group’s clients to Progeny and offering them the chance to benefit from a vast range of additional professional services to meet all their legal and financial requirements.
“Our acquisition strategy is driven by our commitment to providing a high-quality multi-disciplinary service to clients, and our acquisition of RU Group is the next step in this strategy. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.
“This is a highly significant acquisition, in size and status, and we’re excited about what we can achieve together going forward.”
A team from Progeny’s corporate legal department acted as legal adviser to Progeny on the transaction. RU Group was supported by Ed Foulkes together with Roderic Rennison and John Chapman of Catalyst Partners Ltd.
Ed Foulkes, said: “We are pleased to have supported RU Group through this important deal. There was an accelerated process to exchange but we managed to do so professionally and efficiently.”
Clarke Willmott LLP is a national law firm offering expert advice and support on a broad range of legal services to individuals and businesses, with focus on the most involved and complex matters. The firm has offices in Birmingham, Bristol, Cardiff, London, Manchester, Southampton and Taunton.
For more information on Clarke Willmott visit www.clarkewillmott.com