PracticeAccounting FirmsRecord growth sees West Country firm Old Mill pay £600,000 bonus

Record growth sees West Country firm Old Mill pay £600,000 bonus

Old Mill fee income hits £16m in 2014

WEST COUNTRY-BASED firm Old Mill has experienced a year of record growth, consolidating its position in the Accountancy Age Top 50.

The firm which employs 270 people across offices in Dorchester, Exeter, Melksham, Wells and Yeovil saw fee income rise to £16.2m from £12.5m, representing a 14.2% increase. In return, the firm paid its staff a total of £600,000 in bonuses as its client base breached the 3,000 mark.

Board member Simon Cole said: “Old Mill’s turnover has grown by at least 10% a year since 2007 and our performance in 2014 continued this positive trend, thanks to a healthy mix of new clients and providing extra value added work to existing clients. The latter was delivered, however, while remaining acutely aware of the need to offer clients value for money as they work hard to control their cost bases.

“In return for their hard work, staff received on average around 10% of their salary. In addition to these bonuses, Old Mill’s strong performance will allow for continued investment in the business and in particular for further investment in staff training and development.”

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