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Wealth manager acquires outsourcing business

As it targets 15% annual growth for the next five years


Somerset-based wealth management and accountancy firm Old Mill has bought financial outsourcing services provider Brook Financial for an undisclosed sum.

The acquisition is part of Old Mill’s growth plans and is the “first of a number of carefully chosen” M&A deals the company is working on, it said.

The wealth firm is also targeting 15% annual growth for the next five years as it aims to double the size of the business by 2026.

Brook Financial was set up in 2006 by husband-and-wife team Kevin and Alison Smith to offer wealth and financial services including cashflow management, consultancy and back-office finance functions.

The two firms have been working together for a number of years including Alison Smith’s stint at the wealth business and her sister-in-law, Lorraine Bolland, currently serving as a director at Old Mill.

As part of the deal, Alison and Kevin Smith will become partners. At the beginning, the two companies will continue to work separately, but a full integration will happen in the long term, with Brook Financial becoming Old Mill’s specialist outsourcing arm.

‘One stop shop’

Kevin Whitmarsh, chief executive of 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 that gives them a better understanding of their business and wider finances, so they can see how they can make efficiencies, boost productivity, cut costs and increase profit.

“We think this can help us be seen as the one stop shop for entrepreneurial clients.”

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