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Millfield sells Lifetime stake

Millfield has sold 20 per cent of its stake in Lifetime despite earlier pledges from chief executive Paul Tebbutt that it would “not consider selling a chunk” of the operation.

The IFA group, which is repaying loans of £15m from product providers for its merger with Inter-Alliance, has received £824,400 from Norwich Union for 20.1 per cent of the wrap provider.

While Tebbutt previously said he did not want to dilute Millfield&#39s stake, he did admit he was prepared to reduce the loans by issuing shares.

Under the terms of the deal, Norwich Union now owns a 70 per cent controlling stake in Lifetime and is subscribing for new shares in Lifetime for a total of £13m payable in two tranches.

Millfield has been left with a 24.7 per cent stake in the business, with the founders holding around 1.3 per cent each.

When the £15m loan was revealed in August, Tebbutt told Money Marketing: “We are confident we can repay the loans and would not consider selling a chunk of Lifetime.

“We would consider converting the debt into shares if the providers were agreeable but we do not want further dilution.”

Tebbutt was unavailable for comment.


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