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The integration of Millfield into the businesses of its new owner will be at least a six month project says the head of The Money Portal.
PricewaterhouseCoopers administrators of a number of Millfield Group subsidiaries have confirmed their sale to Bates Investment Services Limited.
The administrators of Millfield South East (MSE) are contemplating legal action against Millfield Partnership, if the firm continues to refuse to co-operate.
Other Millfield articles
Intermediaries’ finances have been hit from two directions in the past week in a way that deserves additional comment.
Members of a Millfield subsidiary which went into administration nine weeks ago are still waiting to see if they will receive procuration fees that were frozen months ago.
Millfield has found a buyer in the form of the Money Portal, which is to purchase Millfield Partnership Limited, and has an option to buy Sage Financial Services, for £10.6m.
Millfield has attempted to reassure its members commission and salary payments will be made on time by issuing a memo about recent developments.
Trading of Millfield shares has been suspended on the AIM as its plan to raise capital and avoid administration has failed.
Millfield has announced it is making a last attempt to raise funds which could stop the firm from going into administration.
Paul Tebbutt has stepped down as chief executive and director of Millfield with immediate effect, the IFA firm has announced.
Millfield has revealed preliminary takeover talks with an unnamed third party have been terminated.
The Financial Services Authority has fined Paul Tebbutt, chief executive of financial advisers Millfield Partnership, £35,000 for providing misleading information to the City Watchdog over Millfield's application to merge with Inter Alliance.
Millfield has sold its interests in RST Group and RST Audits back to the principal shareholder and managing director of the RST Group.
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