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I like this, very elegant, simple and has meaning. I would take the water imagery and move it to the right of the wording and shrink it down. See what that looks like, may not work. The only thing that's a little strange for me here is I feel like "mill" and the water imagery is the same weight and hierarchy. Your first concept is the strongest by far.

Thanks Nate. I'll play around with your suggestions and see where it goes. Seeing the client tomorrow, so hopefully I'll get more of a steer from them too. At this point I don't really know whether we can us a different part of the registered company name for the branding. I'm struggling with the word 'mill' because it's so unbalanced and the letter forms don't give much to work with.
Logo design is my real achilles heel - this site has been a massive help to me. Thanks again.