Financial planning firm The Penny Group (tPG) has concluded a deal to buy Bright Blue Wealth (BBW) for an undisclosed sum.

Based in Chertsey, England, BBW offers advice to high-net-worth clients in London and the Southeast.

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With the completion of the deal, BBW owner Andy Wilmot along with the firm’s advisers and support team will continue to operate under the existing brand.

They will also continue to work from their current offices in Chertsey.

The deal has been carried out in line with tPG’s wider growth plan that aims to partner with practice owners within the Openwork Partnership during early phase of their succession planning process so that a structured future integration can be achieved.

Wilmot is expected to involve with firm for at least the next three years to ensure a smooth transition of business.

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The newly completed deal has brought tPG’s assets under management (AUM) to £750m, which is anticipated to surpass £1bn over the next 12 months.

tPG partner Graeme Morrissey said: “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.”

The latest acquisition follows the purchase of Surrey-based financial advice firm Ridgewood Finance by tPG.