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Old Mill

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Background Summary

Old Mill is a South-West based accountancy firm that has origins dating back to the 1920s. Currently, it has four offices situated in Exeter, Melksham, Wells and Yeovil. The company is headed by Kevin Whitmarsh. Whitmarsh first joined Old Mill in August 2006 as a partner. 

Old Mill offers a range of services to its clients. Namely audit, financial planning, payroll, VAT and personal family planning. 

It also offers a range of speciality services which include:

Auto-enrolment: A service for employers which creates and offers a suitable pension scheme for their team. 

Business assurance: Works with businesses to identify and measure exposure to risk, establish the optimum level of cover and explore the whole of the market to select the most suitable assurance policies.

Cash flow modelling: Helps clients draw up a financial plan and plan for the future. 

Digital services: Cloud-based accounting that provides live data processing and up-to-date information, Xero training and integration and regular clinics to support and guide businesses through the transition of Making Tax Digital (MTD). 

Executorship and Trustee Services: An independent professional executor services, which will act as an executor to manage clients accounts. Including organising finances and advertising for unknown creditors and obtaining details of money owed to the estate. 

Exit Strategy and Succession Planning: Advises business owners on; selling their business, passing the business on to key employees or managers and tax planning advice around any business sale or succession. 

Forensic Accounting: Combines accounting, auditing and investigative skills with commercial and industry experience, to advise on the financial aspects of legal and commercial disputes, secure evidence, and in some cases present that evidence at trial.

International Trade: Works with UK businesses looking to invest overseas and/or trade internationally, as well as with overseas companies seeking to trade in the UK or set up UK-based subsidiaries.

Trusts: Support and advice on all aspects of setting up and investing funds. 

Financials

For the year ending 30 June 2022, Old Mill reported a turnover of £3.89m with an operating profit of £8.9m as a result of administrative expenses of £6.89m.

Recent Coverage

Most recently, Old Mill advised Equity Networks on its private equity investment from Coniston Capital. Equity Networks was founded in 2011 and is led by co-managing directors, Alex Hall and Marcos Reid. The private equity investment was advised by corporate finance manager Scott Hill, corporate finance partner Mark Neath, with support from the wider Old Mill team.

It also appointed Jamie Rudge and Duncan Parkes as technical partners from within their compliance team. Rudge, with a background in audit and accounts, will oversee practice assurance for the accountancy side, focusing on regulation, compliance, and risk. Parkes, responsible for the financial planning side, has been instrumental in initiatives like the PFS power planning, aligning with Old Mill’s strategy of becoming long-term advisors.

In addition to internal promotions, Old Mill has expanded its capabilities through the acquisition of Brook Financial, a financial outsourcing firm based in Ilminster. This acquisition aligns with Old Mill’s ambitious growth plans, aiming for 15% annual growth and doubling in size by 2026. The merger will integrate Brook Financial’s expertise in financial services with Old Mill’s accountancy and wealth management, enhancing client services and digital capabilities.

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