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Millfield sells its offshore business

Inter-Alliance Group (Cyprus), PGMS Holdings and Sterling Associates will change hands in a deal announced this week, reducing Millfield’s annual cost base by 1.5m. Millfield says its total cost base has now fallen from 49m to 30.5m since December 2004.

Millfield and De Vere are finalising a strategic partnership which allows the two to act as reciprocal introducers of business, through which Millfield can contact De Vere’s 2,000 UK-domiciled clients.

Millfield chief executive Paul Tebbutt says the three offshore companies have been unprofitable since its merger with Inter-Alliance in October 2004.

Tebbutt says the disposal was always part of Millfield’s strategy as he wanted to concentrate solely on the UK market.

Tebbutt says: “We are entering a full strategic alliance allowing us to contact De Vere’s 2,000-plus clients returning to the UK and allowing them access to our clients who might be moving to another territory.

“Dealing with an international market does not offer the same regulatory environment but people still need quality advice.”

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