Somerset wealth manager acquires outsourcing business

Somerset-based prosperity administration and accountancy organization Old Mill has bought money outsourcing solutions provider Brook Economic for an undisclosed sum.

The acquisition is component of Outdated Mill’s growth plans and is the “first of a number of carefully chosen” M&A offers the company is functioning on, it claimed.

The prosperity organization is also targeting 15% annual advancement for the upcoming 5 decades as it aims to double the dimensions of the enterprise by 2026.

Brook Financial was established up in 2006 by spouse-and-spouse staff Kevin and Alison Smith to supply wealth and fiscal solutions, which includes cashflow administration, consultancy and again-place of work finance functions.

The two corporations have been working jointly for a range of a long time, with Alison obtaining worked at the wealth company and her sister-in-legislation, Lorraine Bolland, currently serving as a director at Previous Mill.

As aspect of the deal, Alison and Kevin Smith will turn into associates. The two companies will to begin with keep on to work separately, but a total integration will take position in the long expression, with Brook Fiscal getting to be Outdated Mill’s specialist outsourcing arm.

‘One stop shop’

Kevin Whitmarsh, chief govt of Outdated Mill, mentioned: “By combining Brook Financials’ data-loaded real time companies with our lengthy-set up accountancy and wealth management expertise, we will be capable to build a bespoke service for our shoppers that presents them a improved knowing of their company and wider finances, so they can see how they can make efficiencies, strengthen efficiency, cut expenses and improve earnings.

“We consider this can aid us be noticed as the one end shop for entrepreneurial customers.”

This short article initially appeared on our sister publication International Adviser.

By Cristian Angeloni, 7 Jun 22