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Millfield sells stake in Lifetime for 9m

Millfield has sold its 25 per cent stake in the Lifetime wrap to Norwich Union for 9m, meaning NU now owns 97 per cent of the platform.
A deferred payment of up to an extra 6m could also be paid over the next four and a half years depending the achievement of certain targets.
Millfield says the 9m will be used to improve the companys working capital and enable it to focus further on developing the business. It will also launch a fair deal programme for its advisers as part of its commitment to treating customers fairly.
Lifetime was set up in June 2002 and commenced trading in April 2005. Millfields original investment was 3.25m.
Millfield chief executive Paul Tebbutt says: “When we floated back in March 2001, we said that we intended to develop new ways of delivering IFA services in a way that would offer financial advisers and their clients a significantly improved investment and administration process, combining wide product choice with advice.”

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