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IFA firm Montpelier doubles stake in Millfield

International IFA firm Montpelier has emerged as a potential white knight for Millfield after it doubled its shareholding in the firm to 10 per cent.

Montpelier chief executive David Yelloly says he wants to have talks with Millfield’s board and is confident Montpelier could provide a substantial cash injection and offer a new home to its advisers.

Montpelier, which has 24 IFAs in the UK and 216 staff overall internationally, bought tax consultancy MTM Group last June in a bid to expand its reach. The firm provides tax and financial advisory services in 10 countries and has a turnover of 30m.

He says the firm is continuing on the acquisition trail and doubled its 5 per cent holding in Millfield after the share price tumbled following chief executive Paul Tebbutt’s departure.

Yelloly says: “We see Millfield as an opportunity and we would like the chance to start talking to its board. We are cash-rich and are confident we could offer its advisers a safe home.”

Millfield chief executive Alan Easter says: “I can confirm that Montpelier now owns 10 per cent of Millfield but no discussions are taking place.”

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