Millfield's stockbroker Collins Stewart is embroiled in a row with its former analyst James Middleweek who has accused the broker of insider dealing in relation to a media firm.
Collins Stewart has acted as Millfield's broker since it floated on Aim in 2001 and has presided over three tranches of fund-raising for the IFA. Middleweek was not involved in Millfield's raising of £8.85m from City investors in July.
Millfield chief executive Paul Tebbutt says: “There is nothing untoward going on as far as I am concerned. This is a dispute between an employee and his company. I am delighted with the service we get from Collins Stewart.”
Middleweek claims that Collins Stewart stopped him from working on Millfield business.
Collins Stewart alleges that Middleweek demanded 10 years' bonuses and salary totalling £2.4m in return for dropping allegations.
The FSA is looking at the allegations. Middleweek says he is seeking compensation from Collins Stewart in the High Court for unfair dismissal.