Management buy-out at Tenon South West
The West Country branch of the UK’s 10th largest accountancy firm has been bought out. Today (August 9th 2006), nine directors of Tenon South West completed a management buy-out to form The Old Mill Group.
Employing more than 130 staff from offices in Shepton Mallet, Yeovil and Exeter, the Old Mill Group will become one of the West Country’s most significant accountants and financial advisers, with an annual turnover of £7 million. The new firm will be run as LLPs (Limited Liability Partnerships), by Jolyon Stonehouse, Mike Butler, Simon Cole, Kevin Whitmarsh, Ian Sharpe, Tom Baines, Paul Treby, John Jackson and Paula Hodge.
The Old Mill Group will offer an integrated service, looking after the financial, tax and accountancy needs of its clients through its two operating businesses – Old Mill Accountancy LLP, which will also look after rural services, and Old Mill Financial Services LLP.
“Prior to our joining Tenon five years ago - when we operated as Berkeley Jackson accountants and Old Mill Financial Services - we evolved a close relationship between the two sides of the business,” explains Jolyon Stonehouse, Chairman of the new group. “This gives us an integrated offering looking after individuals, their families and their businesses.
“Over the past 55 years, we have built up an extremely loyal client base of 2,000 West Country businesses including many farming and rurally based. Although we have enjoyed five successful years as part of Tenon, with whom we will maintain strong links, some of the younger partners always felt that the rural location of the business meant we would be unable to maximise the benefit of that association.”
Simon Cole, Managing Partner of Old Mill Financial Services adds, “We feel that our distinct West Country offering of integrated accountancy and financial services mean we have a different offering from any other accountant in the region. With tax and Inheritance Tax planning becoming an increasing priority, we feel that the time is right for us to move our distinctive offering forward.”
The buy-out will not affect any local staff – all 130 jobs will be safe – and further recruitment is anticipated. In addition, 10 people will remain with Tenon employed in the Tenon Group IT headquarters in Shepton Mallet.
Ends.