HCR Law helps South West accountants Old Mill in comprehensive restructure
Law firm HCR Law’s Thames Valley corporate team has advised the 40 partners behind Old Mill, one of the South West’s largest accountancy and financial planning groups in a comprehensive re-structure of its businesses.
The transaction, which was funded by the group’s existing bankers Natwest, involved the creation of a new holding company and operating subsidiaries and the transfer into these of the accountancy and audit practices in exchange for cash and shares. It is anticipated that the group’s financial planning business will be transferred following confirmation of FCA approval.
Robert Rice and Rachel Turner led the team which comprised senior associate Joel Molloy, trainee Bronia Richards and paralegal Suzie Palmer. Peter Orton, a legal director in the firm’s employment team, also worked alongside throughout. Tax advice was provided by Holly Bedford and Daniel Sladen of K3 Tax Advisory.
Robert Rice said: “This transaction was very complex – involving as it did a top down restructure of a very successful and long-established professional practice. It was also extremely document-heavy – requiring the creation of over 600 documents - but potentially the most challenging factor was borne out of the fact that professional practices are about the people within and we had to make sure that each of the 40 individual clients for whom we were acting were on board throughout.
“We were introduced to Kevin Whitmarsh and his colleagues at Old Mill by Mark Lucas – with whom we had worked closely on the sale of Quantuma Advisory to K3 Capital Group last year. It is a real privilege to be chosen by professional advisers to provide advice to them and we are proud of the fact that this has happened once again.”
Rachel Turner added: “The re-structure enables Old Mill to embark on an ambitious strategy for growth with a more aligned corporate structure than was possible with the LLP format previously in place. We have really enjoyed working with Kevin and his team. We wish them the very best and look forward to helping them to achieve their ambitions in the future.”
