A North Devon business which started in the parents’ living room with the words ‘what have I done?’ and just enough money to last six months is now managing nearly £300million and marking its 40th anniversary this week.

Today, Philip J Milton & Company Plc manages millions for ‘people just like you’ and mainly local clients but with tentacles across the country and indeed the globe.

But in August 1985, a 23-year-old Philip had just taken a ‘very reckless or very brave decision’ and decided to go it alone, starting his own business offering staunchly independent financial advice.

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.

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 ‘eshots’ which are respected and read with interest in the city and the highest echelons of government, as well as in North Devon.

Philip and Helen married in 1991 and they have four children – their eldest son Felix joined the ‘family firm’ and is now a highly qualified financial adviser in his own right, while Noah, Leonie and Esme have all forged successful careers.

Above: Philip and Helen Milton are marking a successful 40 years for the family business. 

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.

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.

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 – with more details to be revealed a little later this month.

Above: Helen and Philip Milton flank their children at their daughter Esme’s wedding, with (from left) Noah, Felix, Esme, her husband Hadyn and Leonie.

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.

He went to Georgeham Primary School, then Braunton comprehensive – where all four Milton children went too – then left school at 16 and joined Lloyds Bank in Bideford on a trainee scheme.

He did college day release and home study to complete his first banking degree and went on to gain a second plus a Master’s Degree in Business Administration based upon financial studies.

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 ‘do I really need to face this all my working life?’, so decided to go into business.

He said: “I 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.

“My parents were very supportive and my grandmother gave me £300, which to me at that time was a significant and meaningful amount. It made a real difference to buying things needed.

“After six months preparing, I opened my business. I sat at my desk thinking, “what on earth have I done?!”

“I did that on the Monday and despite the stresses and strains, I haven’t looked back since.”

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.

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 – several of whom remain clients to this day.

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.

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Above: The Historic Choweree House in Barnstaple is the latest and largest headquarters of Philip J Milton & Company Plc, which celebrates its 40th anniversary this week. Credit: PJM & Co

Ironically, two years after setting up in 1985, the stock market crashed but the firm had a huge boost when it became the only local government appointed ‘share shop’ when Margaret Thatcher’s administration privatised the utility companies, selling shares in British Gas, Electricity, water and Steel and many more to ordinary people.

Philip said: I think most local financial advisers didn’t fancy the idea at all. They realised how much work was involved and felt the reward was poor.  

“But people had to come and register with us if they were wanting to consider applying for shares and we were the local share shop for a great part of North Devon.

“So suddenly, we had a growing database of people who wanted to apply for shares and that was invaluable to us to build a bank of names and addresses, quite legitimately.

“We wanted our clients and as many others as possible to benefit and we helped them. They all proved very profitable for those investors as well, though whether they should still be holding them now is a moot point!”

The business became incorporated in 1996, simply because regulation at the time forced it but in fact that helped progress the company and its prospects and stature significantly as a ‘Plc’.

While today from the outside it may seem a lofty enterprise, in fact the firm still has a minimum investment level of £50 a month into its ISA and it caters for a huge range of clients, mostly very ordinary people who simply recognise the benefit of seeking advice to help them make the most of their money.

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Philip said: “One of the drivers when I set up and I still believe it – is anybody who comes to me with a little or a lot, there is something that financially I can do to help them. That is something I find true today.

“If somebody needs help, we will do our utmost to guide them and how we designed our investment arrangements is that people can join with very small sums of money and our ethos has been that when we add all those small sums up, they become meaningful for the Firm too.

“We have also designed low and clear charges without hidden extras. The Firm subsidises financial advice (so mostly without cost). It still also charges no subscription fees.

“Helping people is what continues to drive us and we’re very happy investing in those with difficulties as well and yes, we do come across those with financial problems. Some of the situations with which we’ve tried or succeeded in helping people have been horrendous and unbelievable.

“It is also a great time to be celebrating, as the firm, which very much has a ‘value’ and risk minimising approach, has recently enjoyed one of the best periods of investment performance, despite huge global turmoil.”

Above: The four Milton siblings – Leonie, Esme, Felix and Noah – at home for Christmas.

Philip continued: “We’re proud of our son Felix joining the company too. He’s been there a long time and he’s one of the highest qualified financial advisers in the whole country. Of course, we are proud of all our children.

“Our second son, Noah, is the third to marry and his celebration is almost on the firm’s anniversary to the day!

“Our various 40th anniversary celebrations say thank you to those who’ve helped us get to where we are – all our staff past and present, our clients, families and especially all the people who have entrusted us with their finances – and to help them to the best extent, with all their inner confidences as well. 

“We truly respect that and remain very humbled at the responsibility that places upon our shoulders.”