Accounting Firms

Old Mill unveils five-year plan targeting 15% growth p.a

The firm, which has offices in Chippenham, Exeter, Wells and Yeovil, added it will also be looking to increase staff numbers from 320 to more than 600

Accountancy and wealth management firm Old Mill has announced an “ambitious” five-year growth plan that aims to make it the fastest growing professional practice in the West Country.

Under the leadership of newly appointed CEO Kevin Whitmarsh and a new Ltd structure which brings all aspects of the business together into one multi-service advisory firm, Old Mill said it is targeting growth of 15% pa for the next five years with the aim of doubling the size of the business by 2026.

The firm, which has offices in Chippenham, Exeter, Wells and Yeovil, also said it will be looking to increase staff numbers from 320 to more than 600 in order to facilitate its plans, which will be achieved through a mixture of organic growth and carefully chosen acquisitions.

Joining Whitmarsh on the senior leadership team is current MD Ian Carlson, who will step into the role of CFO. The firm will also return to a partner structure, initially with 16, but with plans to promote others to that level.

It added external leadership and management support will come through the appointment of a new chairman and two non-executive directors.

Whitmarsh, who has been an “integral part” of the business for 26 years, said the new structure “creates a much simpler business model and fast-growing environment”.

He also stressed that any acquisitions will be “carefully chosen” to ensure they are a “good cultural fit”.

He said: “The new structure enables us to put a strong emphasis on income growth which will be fuelled by high quality client service and aggressive recruitment in the marketplace.

“It is, in effect, a return to a much simpler business model, with a reduction in the range of internal strategies and business initiatives, enabling us to offer fantastic career development opportunities and greater financial rewards for those who help deliver the growth. The new structure will also make it easier to introduce new shareholders, both via internal promotions and through external appointments.”

He added: “Our new structure enables staff to progress more quickly, but also ensures we stay true to our people-centric approach, meaning our staff will feel happy, motivated and rewarded for the part they play in this exciting and ambitious journey.”

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