The Penny Group buys Chertsey-based firm

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The Penny Group buys Chertsey-based firm
Graeme Morrissey, partner at The Penny Group
BySonia Rach

The Penny Group has completed its purchase of Chertsey-based 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 south east for more than 25 years. 

As part of the deal, the BBW team of advisers, support staff and Wilmot, will continue to trade under their current brand from their existing Chertsey offices to ensure there is minimal disruption to the current operation.

The Penny Group said this acquisition is part of its 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 three years to help to ensure a seamless transition for clients and staff.

The Penny Group said this latest acquisition takes its assets under management (AUM) to £750mn and it is expected to exceed £1bn in the next 12 months.

Wilmot 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."

The Penny Group said its corporate mission for the past five years has been to become the leading financial planning practice within the Openwork Partnership.

Graeme Morrissey, partner at The Penny Group, said: “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.”

Morrissey added: “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.” 

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