South West accountancy and wealth management firm Old Mill has acquired Somerset financial outsourcing business Brook Financial for an undisclosed sum.
The deal is the first of a number of acquisitions that will support Old Mill as it targets 15% yearly growth for the next five years, the company said. The group, which is headquartered in Yeovil and also has offices in Chippenham, Exeter and Wells, is looking to expand its workforce to 600 by 2026.
Brook Financial was launched by husband-and-wife team Alison and Kevin Smith in 2006. The firm provides a variety of outsourced financial services, including a back office finance team function, cashflow management, consultancy and payroll.
The deal will see Mr and Mrs Smith become partners, with the firms initially retaining separate identities and Brook Financial continuing to operate from its office in Ilminster. However, Old Mill has said it is planning to eventually integrate the two businesses and all staff, with Brook Financial becoming Old Mill’s specialist financial outsourcing and digital team.
Kevin Whitmarsh, chief executive at Old Mill, 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."
Mrs Smith, who previously worked at Old Mill and whose sister-in-law is a director at the firm, said she was "really excited" Brook Financial was becoming part of the business.
“Not only is Old Mill one of the biggest firms in the region - with a 5,000-strong client base - but they share our people-centric culture which focusses on supporting our clients to be successful," she added.
"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."
Like this story? Why not sign up to get the latest South West business news straight to your inbox.
