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Millfield raises £3.6m for working capital

National IFA Millfield Group has raised £3.6m from City investors, underwritten by brokers Collins Stewart to provide working capital.

A trading update from the firm said it had grown its advisers numbers by 25 to 625 in the six months to March 31, 2004, although 90 RIs left during that period.

The firm says average business levels for the remaining advisers have increased to £100,000 from £85,000 over the year to March 31, 2003.

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