View more on these topics

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.”

Recommended

Pink Home Loans three-year buy-to-let fixed

Pink Home Loans three-year buy-to-let fixed Type: Three-year buy-to-let fixedFixed term: Until January 1 2005Tracker rate: Bank base rate plus 1.98%Payable rate: 5.47%Minimum loan: £25,001Maximum loan: £500,000Income multiples: Rent to exceed 125% of the mortgage payment Arrangement fee: 1%Redemption fee: 5% of amount repaid for three yearsConditions: Funded through VersoIntroducer’s fee: 0.25% commission Contact: www.pink.uk.net

Free compliance package from MI

National mortgage club Mortgage Intelligence is offering a free compliance package for members to help them meet changing regulatory requirements.The service, available on CD-Rom, is being positioned as a do-it-yourself service as brokers will still be required to have their own Mortgage Code Compliance Board authori-sation and be responsible for compliance.It is free for the […]

Taking care of the Welloffs while the Averages suffer

Open letter to Chancellor Gordon Brown.I am increasingly saddened and frustrated by the continued damage done to the financial services industry by our own regulatory body. It appears that the FSA, like the PIA before them, are guilty of making badly advised and ill-informed decisions about what the British financial services consumer wants or needs […]

Taking a punt: Cambridge is one of the venues for last-minute Isa investors

Fund managers Aberdeen Asset Management, ABN Amro, Invesco Perpetual and Schroders are joining forces to make sure IFAs do not miss this year&#39s Isa tax allowance deadline for their clients.The group of fund managers will be manning a number of drop-off points across the country on April 5 for IFAs to get last minute Isa […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment