Financial advisers call in PwC
No return of capital expected for Millfield shareholders
Administrators from PricewaterhouseCoopers have been appointed at some of the
subsidiary businesses of the Millfield Group, the independent financial adviser.
It is expecting that PwC will be appointed as administrator of the Millfield
Group itself in the next few days, the company said in a statement.
Last week Millfield agreed to sell its Sage Financial Services unit and the
assets of its MPL business to Money Portal, the financial services group, for up
to £10.6m.
City watchdog the Financial Services Authority has approved the deal.
Millfield said it did not anticipate that there would be any return of
capital to shareholders.