Millfield Group last week asked the Alternative Investment Market to suspend trading in its shares while it “seeks to clarify the company’s financial position”. In a statement issued to the London Stock Exchange, Millfield warned that “it is highly likely that the company and at least three of its subsidiaries will be placed into administration in the near future”.Kevin Paterson, managing director of Park Row Associates, says: “This is sad for the industry and damaging. We are a similar company to Millfield and have been approached by several advisers from Millfield looking to join us.” IFA Bates Investment Services was rumoured last Friday to have put in an offer to pull Millfield out of administration. Bates was unavailable for comment.
- Top trends
1st, a Vertex company, unveiled a range of software and e-commerce services to be launched over the next 12 months at its annual conference.The first is Adviser Evolution a smart client application, developed using Microsofts .Net technology. The system is being piloted by five intermediary firms, including Yorkshire Investment Group with a controlled launch ear […]
After lenders’ exit fees getting a bashing in the media over the past couple of years, the Financial Services Authority has finally decided to give its input. But is it too little, too late?
Figures released by the Bank of England show that the number of new mortgage approvals for home purchases in May were 117,000, up from 106,000 in April. Approvals, which are an indicator of housing market demand, are up 23.2% from the same period last year and are well above the historical average of 97,000 per […]
House prices could rocket by 10% in 2007 and 2008 and lenders will start to offer 8 x income to first-time buyers. This prediction was made at the Mortgage Summit in Jerez by economist and PR guru John Wriglesworth. Closing the conference, Wriglesworth told delegates that 2007 will be a year of two halves, with […]
The UK loves an underdog. There is something irresistible about the story of the little guy standing up to the established players and leaving them with a bloody nose, whether it is Henry Cooper putting Muhammad Ali on the mat or the Wallabies trouncing the Kiwis in rugby. At the Conservative Party conference, LendInvest championed […]
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