Completion of Acquisition

Millfield Group PLC
1 October 2001

Date:                        1 October 2001
On behalf of:                Millfield Group plc
Embargoed until:             0700hrs





Millfield Group plc ('Millfield')

Completion of the acquisition of HFP Holdings Limited ('Heritage')



Further to the announcement released on 10 September 2001, Millfield, the
AIM-listed national independent financial advisory company, is pleased to
announce that completion of the acquisition of Heritage (the 'Acquisition')
for a total cost of up to £10 million including up to £630,000 deferred
consideration, occurred on 28 September 2001.



The initial consideration for the acquisition has been satisfied by the issue
to the vendors of 7.496 million new ordinary shares in Millfield, 3.596
million of which were placed by Millfield's broker, Collins Stewart, on behalf
of the vendors with institutional investors at 125p per share ('the
Consideration Placing').  The deferred consideration (if payable) will be
satisfied by a mixture of new ordinary shares in Millfield and cash.



In addition, Collins Stewart placed with institutional investors a further
2.356 million new ordinary shares in Millfield at 125p per share, raising
approximately £2.8 million (net of expenses) ('the Cash Placing') to provide
additional working capital and to fund the initial development of Millfield's
employee benefits business which will complement the financial advisory
services Millfield offers to corporate clients.  The Consideration Placing and
the Cash Placing (together 'the Placing') were underwritten by Collins
Stewart.



The new Millfield shares issued as consideration for the Acquisition and under
the Placing also announced on 10 September 2001, have been admitted to the
Alternative Investment Market (AIM) of the London Stock Exchange and trading
in them commences today, as expected.



Commenting on the successful completion of Millfield's acquisition, Paul
Tebbutt, Chief Executive of Millfield, said:



'We are delighted that our acquisition of Heritage has been completed
particularly under the current market conditions which we believe is a further
endorsement of the Company's performance to date and future potential.
Millfield is now well positioned to become a dominant force across the length
and breadth of the UK.'






Enquiries to:



Paul Tebbutt, Chief Executive/Harry Roome, Finance Director

Millfield Group plc - Tel:  [phone]



Emma Kane, Chief Executive

Redleaf Communications - Tel:  [phone] OR  Mob: [phone]







Notes to Editors:



About Heritage

Heritage, founded in 1997, operates from 12 locations predominantly across the
north of England with over 135 registered advisers. The Directors of Millfield
believe Heritage represents an excellent fit with Millfield, both culturally
and geographically, and the acquisition substantially accelerates Millfield's
business plan. The vendors of Heritage are its management, founders,
registered advisers and GMB Midlands & East Coast and GMB Northern, regions of
GMB, one of the UK's largest unions.  As with Millfield, because of its recent
formation, Heritage has no cases arising from the pensions mis-selling review.



In the seven months to 31 July 2001, Heritage recorded unaudited turnover of £
3.2 million (year ended 31 December 2000, audited:  £2.8 million) and,
reflecting the costs incurred in growing the business, incurred an unaudited
operating loss of £170,000 (year ended 31 December 2000, audited: operating
loss of £152,000).  The unaudited net assets of Heritage as at 31 July 2001
amounted to £157,000, adjusting for liabilities to be settled out of the
consideration for the acquisition.



About Millfield

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

-         Millfield Group plc floated on the Alternative Investment Market
          ('AIM') of the London Stock Exchange on 1 March 2001 raising £16.6m   
          net of expenses.

-         Prior to the acquisition, Millfield operated from 12 locations -
          Belfast, Birmingham, Head Office in Croydon, Edinburgh, Kilmarnock,   
          London City, London West End (opening end of September 2001),         
          Ringwood, Sheffield, Slough, West Byfleet, and Westerham.

-         Millfield was recently placed Second in the IFA Professional
          Development Award and Third in the Best Corporate IFA in the Money    
          Marketing Financial Services Awards 2001.  A Millfield Adviser also   
          won Sales Professional of the Year, Financial Services in the National
          Sales Awards - the second year in a row that a Millfield Adviser has  
          won this award.

-         Further information is available on the Millfield's website:
          www.millfield-partnership.co.uk



                                            ENDS