Financial advisory firm Millfield has sold its 25% interest in Lifetime, a financial planning group, to UK insurance giant Norwich Union in a deal that could amount to GBP15 million.

Norwich Union agreed to buy the stake for an initial GBP9 million but could pay an extra GBP6 million if certain targets between Millfield and Lifetime are achieved over the next four and a half years.

Millfield expects to obtain a pre-tax profit of at least GBP5.2 million from the deal. Its original investment in Lifetime was GBP3.25 million excluding costs.

Lifetime was set up in June 2002 to provide a multi-asset class distribution and administration Wrap Account platform for IFAs. A Wrap Account is an internet-based investment service which enables advisers and their clients to view all their financial assets on one platform.

Millfield is planning to spend the initial cash proceeds on improving its capital position, enabling it to focus on further developing its core financial services advisory business.