West Country-based accountancy and wealth management firm Old Mill has revealed plans to nearly double staff numbers from 320 to 600 over the next five years.

The firm is planning to change from an LLP structure to a limited company to help speed expansion and introduce new equity into the business.

The company, which has offices in Chippenham, Exeter, Wells and Yeovil, plans to expand through organic growth and acquisitions.

Newly-appointed CEO Kevin Whitmarsh says the firm aims to double in size by 2026. The changes will involve a major executive reshuffle but no executives will be leaving as a result, the firm says.

Joining Mr Whitmarsh on the senior leadership team is current MD Ian Carlson, who becomes CFO.

The firm will also return to a partner structure, initially with 16, but with plans to promote others to that level. External leadership and management support will come through the appointment of a new chairman and two non-executive directors, the firm says.

Mr 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.

“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 firm says the expansion plans will include the wealth management / Financial Planning arm which employs 75 at present, just under a quarter of the workforce.

Ian Carlson, the new chief financial officer, said: “One of Old Mill’s strengths has always been that rather than being an accountancy firm with a little bit of wealth management, or a wealth management firm with a little but of accountancy, we are well rounded for both, so are able to provide our clients with a one-stop shop for all their advisory needs.

“Under the new growth plans, we don’t have any targets for increasing staff numbers in any particular area, as we will be looking to bring in new clients in need of all our services, which will support growth and job creation across the whole business, which of course, includes the wealth management arm.”