OLD MILL ACQUIRES SOMERSET-BASED BUSINESS

Financial Planner and accountancy firm Old Mill has acquired Brook Financial as part of a long-term drive to expand in the South West.

 Alison and Kevin Smith launched Brook Financial in 2006. The company provides outsourced financial services, including back-office finance team functions, cashflow management, consultancy and payroll, it offers services to business owners that need a wide range of accountancy services but do not have a full in-house finance team.

Alison and Kevin will become partners at Old Mill following the full integration of the two firms in the near future. All staff at Brook Financial will join Old Mill and become the firm’s specialist financial outsourcing and digital team.

CEO of Old Mill, Kevin Whitmarsh, said: “For many firms, Making Tax Digital is just a tick box exercise, but for Old Mill, digital innovation is a key part of our growth strategy plans and we are fundamentally shifting the business to become more digitally enabled. Investing in Brook Financial is a key part of this shift, so this is an incredibly significant acquisition for us.”

Director at Brook Financial, Alison Smith, added: “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.”

The fee is yet to be disclosed.

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