Accountancy and wealth management firm Old Mill has acquired Ilminster-based financial outsourcing firm Brook Financial.
The deal is part of Old Mill’s plans to grow by 15 per cent per annum and eventually double the size of the business by 2026.
Brook Financial was launched in 2006 to aid businesses that do not have an in-house finance team but require more services than a traditional accountant.
It provides a full back office finance team function, cash flow management, consultancy and payroll.
The company was launched by Alison Smith and her husband Kevin. Alison used to work at Old Mill, and Kevin’s sister is a director at the same firm.
The pair will become partners at Old Mill, and after a period of retaining its identity, Brook Financial will become part of Old Mill in time.
Chief executive of Old Mill, Kevin Whitmarsh, said for the company digital innovation is a key part of its growth plans.
“Investing in Brook Financial is a key part of this shift, so this is an incredibly significant acquisition for us," he said.
“By combining Brook Financials’ data-rich real time services with our long-established accountancy and wealth management expertise, we will be able to create a bespoke service for our clients that gives them a better understanding of their business and wider finances, so they can see how they can make efficiencies, boost productivity, cut costs and increase profit.”
Alison Smith said: “We have worked with Old Mill for many years.
“Many of our clients are also Old Mill clients - as our services hugely complement each other - so when we were looking to grow our client base, and help more firms to realise their potential, Old Mill was the perfect fit.
“We wanted to join forces with a firm that had sufficient inhouse technical experience to fully support our clients on their growth journey and Old Mill’s team exceed our expectations in these areas.”
Back in November, Old Mill, which has offices in Chippenham, Exeter, Wells and Yeovil, said it will be looking to increase staff numbers from 320 to more than 600 to facilitate its growth plans, which will be achieved through a mixture of organic growth and acquisitions.
The firm also said it would return to a partner structure, initially with 16, but with plans to promote others to that level.