Farming and rural business accountant Tenon Rural Services is to change its name to Old Mill Rural Services after a management buy-out of its parent this week.

Nine directors have bought Tenon South West to form the Old Mill Group, which will include an accountancy arm, including rural services, and a financial services arm, providing a £7m annual turnover.

Old Mill Rural Services, which has nearly 1000 West Country farmers on its books, will operate from its Shepton Mallet and Yeovil offices, headed by partners Ian Sharpe and Mike Butler.

Over the past five years Tenon had almost doubled its farming business, said Mr Butler, adding that further growth was a key reason behind the purchase.

Mr Sharpe said:

“Old Mill Rural Services is an opportunity for us to place a fresh focus on our business and we are already seeking more qualified staff to join us.”