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<\/p>\nA North Devon business which started in the parents\u2019 living room with the words \u2018what have I done?\u2019 and just enough money to last six months is now managing nearly \u00a3300million and marking its 40th anniversary this week.<\/p>\n
Today, Philip J Milton & Company Plc manages millions for \u2018people just like you\u2019 and mainly local clients but with tentacles across the country and indeed the globe.<\/p>\n
But in August 1985, a 23-year-old Philip had just taken a \u2018very reckless or very brave decision\u2019 and decided to go it alone, starting his own business offering staunchly independent financial advice.<\/p>\n
Four decades on, the firm employs 35 staff and assists investors great and small, both in Devon and further afield, with all manner of services from financial and tax planning to investment portfolios, pension fund management, accountancy, pensions, financial disputes and claims management, wills, probate and trusts.<\/p>\n
Almost from the start, Philip has provided a financial column in the North Devon Gazette, which continues to this day, as does a regular newsletter and typically fortnightly \u2018eshots\u2019 which are respected and read with interest in the city and the highest echelons of government, as well as in North Devon.<\/p>\n
Philip and Helen married in 1991 and they have four children \u2013 their eldest son Felix joined the \u2018family firm\u2019 and is now a highly qualified financial adviser in his own right, while Noah, Leonie and Esme have all forged successful careers.<\/p>\n
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Above:\u00a0Philip and Helen Milton are marking a successful 40 years for the family business.\u00a0<\/p>\n
Over the years, Philip and the Company have had a strong desire to give back to the community, which has included supporting countless local good causes from event sponsorship to major appeals such as the recent Amigos Worldwide boreholes appeal and grants for many local projects.<\/p>\n
This led to establishing the Philip J Milton & Company Plc Charitable Foundation in 2019 (and prior to that a fund with Devon Community Foundation for 20 years) which continues to this day and provides grants that help improve the local area, boost education and self-help opportunities for people here and abroad, arts, culture, conservation, disaster relief and many more.<\/p>\n
To mark the Ruby Anniversary, they are hosting a birthday bash for staff and investment clients in September, providing bonuses for staff and also launching a special charity Legacy Awards to help the wider community \u2013 with more details to be revealed a little later this month.<\/p>\n
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Above:\u00a0Helen and Philip Milton flank their children at their daughter Esme\u2019s wedding, with (from left) Noah, Felix, Esme, her husband Hadyn and Leonie.<\/p>\n
Born in Barnstaple and raised in Georgeham, in the family home where his business started, Philip did not come from a wealthy or privileged background.<\/p>\n
He went to Georgeham Primary School, then Braunton comprehensive \u2013 where all four Milton children went too \u2013 then left school at 16 and joined Lloyds Bank in Bideford on a trainee scheme.<\/p>\n
He did college day release and home study to complete his first banking degree and went on to gain a second plus a Master\u2019s Degree in Business Administration based upon financial studies.<\/p>\n
Philip had fully expected to embark on a career as a bank manager, when an issue arose at the Exeter branch where he worked and despite the benefits to the bank, he says it was not handled well and he felt \u2018do I really need to face this all my working life?\u2019, so decided to go into business.<\/p>\n
He said: \u201cI took what was considered by some to be a very reckless decision, giving up an accelerated management-streaming path. Some considered it to be very brave but I decided to set up on my own, giving people financial advice.<\/p>\n
\u201cMy parents were very supportive and my grandmother gave me \u00a3300, which to me at that time was a significant and meaningful amount. It made a real difference to buying things needed.<\/p>\n
\u201cAfter six months preparing, I opened my business. I sat at my desk thinking, \u201cwhat on earth have I done?!\u201d<\/p>\n
\u201cI did that on the Monday and despite the stresses and strains, I haven’t looked back since.\u201d<\/p>\n
Philip had one employee, his sister on a Youth Training Scheme, while clients were visited in their own homes or sometimes hosted in the Georgeham living room.<\/p>\n
Finding clients in those days involved knocking on doors, cold calling through the phone book and via interest from family friends and some former bank colleagues \u2013 several of whom remain clients to this day.<\/p>\n
As the business progressed, it leased offices at Taw Vale in Barnstaple, then later sharing premises in Litchdon Street, before buying the old Nationwide Building Society property in Joy Street where his parents had secured a mortgage many years before and finally purchasing the historic Choweree House in Boutport Street.<\/p>\n
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