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Millfield deal doubles RIs

Millfield Group is acquiring North of England IFA Heritage in a deal which will see its RIs double to 270 from 135.

Millfield will pay between £630,000 and £10m for Heritage, depending on it meeting undisclosed turnover targets.

Aim-listed Millfield says the acquisition enables it to operate as a fully national IFA, with Heritage adding12 offices and four satellite offices, including Scotland and Northern Ireland, to its predominantly South of England-based operation.

The purchase of Heritage adds 10,000 clients to Millfield&#39s existing 30,000-strong book.

Millfield says it has at least five further so-called stepped acquisitions through its Millfield Associates Partnership initiative planned in the near future. Under this process, IFAs are brought under the Millfield umbrella through a gradual buyout. It is looking to use this strategy to boost its ranks to 700 RIs within three years.

Millfield says this is the first major purchase of an big network member IFA firm by a directly regulated firm. Heritage was previously a member of the Tenet Group and will trade under the Millfield Heritage brand from this month.

Millfield chief executive Paul Tebbutt says: “Heritage was an excellent fit both geographically and in terms of the quality of business. The acquisition will not lead to any back-office or other redundancies and any overlap will be absorbed.”

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