The Penny Group has enhanced its market presence by acquiring a majority stake in Harridge Financial Services, significantly increasing its assets under management to over £2 billion.

Information on the Target

The Penny Group, a distinguished chartered financial planning firm, has successfully acquired a majority stake in Harridge Financial Services, enhancing its portfolio and market presence. This acquisition elevates The Penny Group's total assets to over £2 billion, supported by a team of approximately 48 advisers across its group. The Penny Group serves as a strategic partner to The Openwork Partnership, solidifying its role in the financial planning sector.

Harridge Financial Services, established in 1991 by Simon and Sue Jukes, is a leading financial advice firm based in Berkshire. The company manages around £350 million in assets under management (AUM) with a skilled team of ten advisers. Recently, Harridge expanded its influence through the acquisition of Bolton-based Heavenly Finances, which added approximately £85 million in assets under advice (AUA) to its portfolio.

Industry Overview in the Target’s Specific Country

The UK financial services sector has been undergoing a significant transformation, characterized by a consolidation trend among financial advisory firms. This trend allows established firms to d