MIL.L Regulatory News (MIL)

19 Sep 2005 07:22

Millfield Group PLC19 September 2005 Millfield Group plc Millfield Group plc - sale of international arm further reduces cost base by£1.5m and leads to 100% UK focus Millfield Group plc ("Millfield", the "Company" or the "Group"), a leadingindependent financial services advisory group, today announces the sale of theentire issued share capital of Inter-Alliance International Group (Cyprus)Limited, PGMS Holdings Limited and Sterling Associates Limited - theinternational financial advisory arm of Millfield - to de Vere Holding CompanyLimited for an aggregate consideration of £750,000, up to 50% of which will beused to reduce related indebtedness. The balance of the proceeds of the salewill be used to finance working capital. Commenting on the sale, Paul Tebbutt, Chief Executive of Millfield, said: "The sale of the international business allows us to concentrate our resourceson servicing our UK-based businesses and is expected to reduce the Group'soverhead run rate by a further £1.5m - continuing the initiative to rationalisethe Group's cost base. We are on schedule to achieve operating profitabilityfrom the fourth quarter 2005 onwards." Commenting on the sale, Nigel Green, Managing Director of de Vere and Partners,said: "I am delighted with the acquisition; it increases our global operation fromoffices in 23 countries worldwide to 30. We have formed a strategic alliancewith Millfield where there will be a joint introducers' agreement to benefit ourglobal clients." Enquiries Millfield Group plcPaul Tebbutt, Chief Executive - 020 8604 2607Arthur Milton, Interim Finance Director - 020 8604 2623 De Vere and PartnersNigel Green, Managing Director - 00377 678632266 Llewellyn-Slade PR LimitedMark Llewellyn-Slade - 01444 242792Francis Higney - 07941 979301 This information is provided by RNS The company news service from the London Stock Exchange