PracticeAccounting FirmsOld Mill doubles partner numbers as it seeks more equitable model

Old Mill doubles partner numbers as it seeks more equitable model

Firm brings issues equity to 23 staff

WEST COUNTRY-based firm Old Mill has extended equity stakes to almost a fifth of its 250 staff.

Some 23 staff members have joined the 21 existing partners – or shareholders as the firm describes them – in the business, taking the total to 44.

It forms part of an ongoing project to broaden the base of staff members who have a share in the firm’s success.

Board member and one of the co-founders of Old Mill Simon Cole said many firms have “a business model that sees them restrict their ownership all too often to a small select group of individuals”.

He added: “As a consequence, staff who work hard for many years in helping to build up a business can often see the rewards of this success shared only by a few senior people.

“There are a number of factors that contribute to our selection of a new shareholder and significant amongst these is the performance of an individual in their role. However it is certainly not the only factor. We also consider amongst others, the individual’s wider contribution to the business and very importantly their future potential at Old Mill. We created 15 new shareholders in 2012, so this second wave marks a significant expansion of our shareholder numbers and we plan to create more going forward.”

Those acquiring equity span the firm’s four offices in Exeter, Melksham, Wells and Yeovil, and cover staff from across the business including its IT director and finance directors.

New shareholder Laura Wylie (pictured) said: “It is wonderful to be offered the chance to acquire a stake in my business without having to reach the upper echelons of the corporate ladder. Both the client work and the colleagues I work with help make this a great place and knowing that I own some of it really makes me feel part of a special team that I want to help go places.”

Old Mill sits 38th in the most recent Top 50+50, with a fee income £16.4m.

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