UK-based wealth firm Old Mill is changing its structure from a limited liability partnership (LLP) to a limited company (Ltd) to bring together all of its divisions into one multi-service advice company.
Newly appointed chief executive Kevin Whitmarsh said the change will boost Old Mill’s growth plans as it aims to double its size by 2026, targeting an increase of 15% a year.
The firm currently has offices in Chippenham, Exeter, Wells and Yeovil and it is looking to grow its members of staff from 320 to 600 to facilitate its expansion.
The changes are aimed at making Old Mill the “fastest growing practice in the West Country”, it said.
The senior management model will also change. Current managing director Ian Carlson will become chief financial officer as well, to support Whitmarsh in the firm’s growth.
The advisory business will return to a partner structure, with an initial number of 16, while it plans to promote others.
It also aims to hire a chairman and two non-executive directors for external leadership and management support.
M&A
Acquisitions will be part of the firm’s expansion plans, but Old Mill is not looking to become a consolidator, Whitmarsh 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,” he added.
“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.
“The majority of the growth will be organic – through client wins and securing more work from current clients – but Old Mill will also be looking at making acquisitions. Our acquisition strategy will be very carefully managed, as we are certainly not looking to become a consolidator. We are a fun, modern and interesting place to work, with a real feeling of family, but we are also ambitious.
“We will be looking for businesses that share this culture, who are wanting to sell either because they want to retire and find a good home for their business, or because they are ambitious like us, and are looking to offer an improved proposition for their clients by being able to offer a wider range of solutions all under one roof and better opportunities for their staff.”
