Edinburgh's Carbon Financial Partners snapped up by English professional services firm Progeny

Edinburgh-based financial advice business Carbon Financial Partners is being acquired by an English company that says the deal will boost its assets under management by £600 million.

Carbon Financial Partners MD Gordon Wilson says: 'Combining with Progeny will help us to take our service and advice offering to new levels.' Picture: contributed.

Multi-disciplinary professional services firm Progeny that is based in Leeds says the deal, terms of which are undisclosed, will strengthen its presence in Scotland and should get the green light from the Financial Conduct Authority within months. Carbon, which has offices in Shandwick Place in the Scottish capital, Perth, Aberdeen and Glasgow, has built-up a 45-strong team over the past 12 years, and says its current leadership remains unchanged as a result of the transaction.

Carbon managing director Gordon Wilson said the deal had been agreed after a thorough succession planning process, and senior members of the management team remain committed to the business (which in 2016 undertook a charity bike ride, supported by endurance cyclist Mark Beaumont, in aid of youth-focused Winning Scotland) for at least the next five years.

He added: “We took time to research the market and our options thoroughly… succession planning led by senior members of our team has been ongoing for some time. Progeny was chosen as the closest fit for Carbon in terms of our investment philosophy, culture and values. Progeny provides a very secure future for our clients and our team. It is very much business as usual and our clients will see no significant change. It was critical for the team that we found the right fit for our clients and we have achieved that. Combining with Progeny will help us to take our service and advice offering to new levels.”

Progeny (which has eco-friendly B Corp status) has offices throughout the UK and in the Europe, the Middle East, and Far East, and with ambitions to expand into other global territories. Its chief executive Neil Moles said: “We are highly purposeful in our approach to selecting the businesses we bring into Progeny. Welcoming Carbon Financial Partners to Progeny will enable us to consolidate and strengthen our existing presence in Scotland and I look forward to what we can achieve together for our clients.”