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Millfield buys Moncur in £2m deal

National IFA Millfield has bought employee benefits specialist Moncur Jackson & Associates in a £2.2m deal.

Aim-listed Millfield will pay Moncur Jackson £1.05m in loan notes and £825,000 through the issue of 595,668 Millfield shares.

Shares worth a further £375,000 will be paid, provided that profit targets are reached over the next year.

The Newcastle firm, which has three RIs, will be renamed Millfield Moncur Jackson although the old name may be dropped completely at a later date.

Moncur Jackson managing director David Jackson will remain in control of the business, which will aim to increase its IFA numbers.

The firm has several highvalue employee benefits clients and Millfield proposes to use its expertise and profile to expand business in the Newcastle area.

Millfield has been looking at Moncur Jackson since it acquired the Heritage Group, an IFA in the North of England, for £10m in September 2001.

Since it was founded three years ago, Millfield has expanded to more than 300 RIs across the UK.

Chief executive Paul Tebbutt says: “This is an important step in our strategic development. We see employee benefits as a crucial market going forward. Moncur Jackson is a mature company and making a profit and they have top quality clients.

“They need capitalisation to grow and we have the infrastructure they need.”


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