Acquisition

Millfield Group PLC
11 March 2002

MILLFIELD ACQUIRES MONCUR JACKSON

The Millfield Group plc ("Millfield") announces that on 8 March 2002 it
completed the acquisition of the entire share capital of Moncur Jackson &
Associates Limited ("Moncur Jackson"), an IFA employee benefits business based
in Newcastle.

Under the terms of the agreement, Millfield will pay a maximum consideration of
£2.2 million, of which the initial consideration of £1.875 million will be
satisfied as to £1.05 million in loan notes and as to £825,000 by the issue of
595,668 Millfield Group plc shares which will be subject to a lock-in on the
same basis as existing group company directors. Application will be made for
admission of the 595,668 initial consideration shares to trading on the
Alternative Investment Market ("AIM") of the London Stock Exchange, which is
expected to take place on 15 March 2002. The deferred consideration of up to
£325,000 will be payable upon the achievement of certain profit and turnover
levels over the 13 months following completion and will be satisfied by the
issue of up to 234,657 Millfield Group plc shares.

In September 2001, Millfield announced that it was intending to fund the
development of an employee benefits business, and this acquisition begins that
process.

Moncur Jackson has developed an innovative approach to company benefit packages.
After becoming part of the Millfield Group, it will relocate to new offices
within Newcastle, and remain distinct from Millfield's other operations in the
North East.

Paul Tebbutt, Millfield's Chief Executive, commented:

"This is an important step in our strategic development. Employee benefits in
the UK is a rapidly growing area, especially when coupled with independent
advice. The acquisition will add to our ability to offer specialist services to
UK companies".

David Jackson of Moncur Jackson said:

"Our professional and technical expertise will be greatly enhanced by the move,
giving added value to both corporate and private customers. It will also create
brand awareness, enhance security, and provide further opportunities, backed by
the support of Millfield".

                                     -end-

For further information please contact:

Emma Kane/Scott Convoy        Tel: [phone]
Redleaf Communications        Mob: [phone]

Notes to Editors:

  • Millfield was founded in March 1998 and is now one of the fastest growing
    independent financial advisory companies in the UK.

  • As a young company, Millfield does not suffer from any pensions
    mis-selling or legacy issues.

  • Millfield Group plc floated on the Alternative Investment Market ("AIM")
    on 1 March 2001 raising £16.5m net of expenses.

  • In September 2001 Millfield acquired the Heritage Group, an IFA group
    based in the North of England, for £10m and at the same time raised £2.8m by
    way of a placing.

  • Millfield currently employs more than 300 advisors in locations across the
    country from Scotland & Northern Ireland, the North East & West, the
    Midlands, South Wales and South East.


                      This information is provided by RNS
            The company news service from the London Stock Exchange