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Millfield bids for £18m float in aim for 700 RIs

The Millfield Group is floating on Aim this week in a bid to raise £18.5m to fund an ambitious expansion programme.

The IFA, which was set up in 1998, wants to increase its number of advisers from 100 to 700 in the next three years. It will also look to boost head office personnel and number of branches from seven to 13, with new offices in the West End of London, Manchester, Leeds and Southampton.

The float is expected to give a market value of £55.6m for the IFA which generated £7.9m income in the nine months to December 31 but has yet to make a profit due to costs involved in building the business.

As part of the expansion plans, it has set aside a£1m technology budget to help meet regulatory requirements, improve accessibility to clients and cut the admin burden on advisers to increase average productivity per RI from the present £100,000 to £135,000 in three years.

Millfield chief executive Paul Tebbutt says: “We do not want to grow to the same size as Inter-Alliance, for example, which has about 3,000 advisers, as a massive infrastructure would be required.”

Bankhall IFA network director Tony Murrell says: “This is good for the IFA market but £18.5m is an ambitious amount to raise and to grow to 700 advisers, good systems and people on the ground to visit branches are vital.”

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