Moray Group takeover creates 'template for the future of professional services' in Scotland

Progeny, the Leeds-based professional services firm, has bolstered its Scottish presence after striking a deal to acquire fast-growing peer Moray Group.

Established in 2020, with offices in Aberdeen, Edinburgh, Glasgow and North Berwick, professional services provider Moray Group has expanded rapidly since launch.

As part of the acquisition, Moray’s managing director, Rob Aberdein, will take up the new role of chief commercial officer with Progeny.

In addition, Progeny has established a “commercial alliance” with Moray Legal. The agreement is designed to allow the two businesses to work more closely together in anticipation of alternative business structure licences being granted in the Scottish legal profession in the near future.

Industry veteran Aberdein said: “The legal and professional services sectors need new ideas, structures and ways of working if they’re to meet the needs of the modern client and workforce.

“Progeny has led the way in disrupting these industries for the betterment of the sector and the clients within it and we’re delighted to be working more closely together.

“When the era of alternative business structures arrives in Scotland, it will bring fresh thinking and opportunity, changing the sector landscape forever. This means we will be able to offer the client more by making it easier for them to do business with us, accessing legal, tax, wealth management, property and financial advice in one place.

“Technology will also be a huge lever for change and I have long been a believer that professional services and technology can be more effectively combined to build better working practices and deliver superior client outcomes.

Neil Moles, chief executive of Progeny, and Rob Aberdein, Moray’s managing director, who will take up the new role of chief commercial officer with Progeny.

“There is true commonality of purpose and principle between ourselves and Progeny, and together we can create a new template for the future of professional services.”

Progeny entered the Scottish market with the acquisition of Innovate Financial Services in Edinburgh in February 2019. This was followed in April 2021 with the acquisition of Ayrshire-based Affinity Financial Planning and the acquisition of Balmoral Asset Management earlier this year.

Neil Moles, chief executive of Progeny, said: “This is a new type of activity for us. As we expand the financial advice and asset management side of Progeny it’s important that we continue to increase our legal and professional services capacity in proportion.

“Aligning with Moray will help us to do this, ensuring we deliver an exceptional, joined-up service to clients while also giving us the innovative potential and far-sighted view of the future that will propel us forward in Scotland, the UK and internationally.

“We are also underlining our commitment to Scotland and expanding our presence here,” he added. “We’re excited about delivering on our potential to become a respected and trusted brand in the Scottish legal and professional services market.”

The firm agreed a deal to acquire Edinburgh-based Balmoral Asset Management in July.

Bosses said the move marked the next step in Progeny’s “concerted expansion” into Scotland and would take the firm’s total assets under management to more than £6.5 billion.

Launched in 1999, Balmoral Asset Management was established to provide a comprehensive wealth management service to a select number of private clients.