Struggling IFA group Millfield has been sold to financial services group The Money Portal for 10.6m.
At least 3.4m of this is payable over the 12 months following completion, dependent upon certain performance milestones having been met.
The directors of Millfield have announced that binding heads of agreement have been exchanged under which an option will be granted entitling the company to require the Money Portal to purchase the assets of MPL and the issued share capital of Sage Financial Services Limited.
It’s anticipated that administrators of Millfield and a number of its subsidiaries will be appointed tomorrow. Completion of the sale will require approval by the Financial Services Authority.