London-based Chartered Financial Planner The Penny Group has acquired a majority stake in £360m AUM Berkshire financial adviser Harridge Financial Services.
The Penny Group, an appointed rep of Openwork, has described the move as a “strategic merger” to strengthen their client offerings.
The cost of the deal has not been disclosed.
Harridge is an financial advice practice in Hungerford, Berkshire. Following the deal the two firms will be integrated.
The acquisition is one of several recently by the Penny Group with the latest deal taking total assets to over £2bn and adviser headcount to 48.
Harridge is owned and led by Simon and Sue Jukes and was formed in 1991. It manages £350m and has 10 ten advisers. The business recently acquired Bolton-based Heavenly Finances Ltd. in a deal which added £85m AUA.
Following completion of the merger Harridge will continue to operate as a separate entity but will trade as The Penny Group Harridge with full integration planned over a three year period.
Initially, the integration will focus on functional areas such as infrastructure, HR and finance, while client-facing operations will remain unchanged. Both businesses run Trainee Financial Planner/Academy programmes which will be aligned over time. Broader collaboration between adviser and client service teams is planned for 2026.
Graeme Morrissey, partner at The Penny Group, said: ““Harridge is a fantastic business which has been built on a core foundation of trust from clients and between colleagues which mirrors The Penny Group’s values.
"We’ve known Simon and Sue Jukes for many years and we’re delighted that they’ve decided to partner with us on this important next phase of their journey which will see us invest into the business to help it continue to grow and reach its full potential.”
Simon Jukes, owner and principal adviser at Harridge Financial Services, said: “Harridge has always been about delivering trusted advice and building a business our clients and colleagues can be proud of. Partnering with The Penny Group ensures that legacy will continue long into the future, supported by additional expertise and investment that will strengthen what we do best: helping clients achieve their financial goals.”
