London-headquartered The Penny Group has completed the purchase of Surrey-based advice firm Ridgewood Finance for an undisclosed sum.
This acquisition is The Penny Group’s seventh as it continues to execute its buy and build strategy within The Openwork Partnership.
As part of the deal, Ridgewood Finance practice principal Arnie Arnese and adviser Keith Scheu have joined The Penny Group. Fellow practice principal Ian Lloyd has joined The Penny Group as a consultant for the next 12 months before retiring.
Arnese, owner of Ridgewood Finance, said: “We have been engaging with The Penny Group on this matter for several years as my business partner Ian has approached retirement. Both Ian and I have both been continually impressed with the professionalism and energy of the whole The Penny Group team.”
The Penny Group’s last acquisition came in October 2021 when it bought west Sussex advice company Excel Financial Solutions (EFS) for an undisclosed sum.