South West Financial Planner and accountancy firm Old Mill has acquired commercial property pension specialist Quro Financial Solutions for an undisclosed amount from its founders who are retiring.

Quro specialises in the use of SIPPs and SSAS to invest in commercial property.

The deal is part of Old Mill’s five year growth plan to double the size of the business by 2026, it said.

It follows the acquisition of financial outsourcing firm Brook Financial in June 2022.

Quro is based in Winscombe, Somerset, and was launched by husband-and-wife team Matt and Bren Johnson in 2011 when they saw a gap in the market for specialist advice for owner managers looking to purchase commercial property through their pensions.

It has established itself as a specialist in the use of SIPPs and SSAS to purchase and invest in commercial property on behalf of individuals and businesses.

It looks after 85 clients and manages 40 SSAS schemes but the couple have decided they wanted to sell the business and retire.

Matt Johnson said: “When you own and run a family firm, the decision to retire is not an easy one because you are so invested in your clients, and you need to know that they will be as well looked after by the new business as they were with you.

“When we started putting feelers out to find a buyer, Old Mill’s name kept coming up. From our first meeting with the chief executive, Kevin Whitmarsh, it was clear we’d found the right home for our business.”

Kevin Whitmarsh said: “Quro’s high quality, specialist SSAS and SIPP service will become an extension of our already comprehensive pensions offering, while our established expertise across accountancy, tax, Financial Planning and wealth management will offer Quro’s clients a broader suite of services, all under one roof.”