Independent financial advisory company Millfield Group is expecting to raise £18.5m from a shares placing on the Alternative Investment Market (AIM).

The move, planned for March 1, will boost Millfield's share capital to more than £55m. The Independent Financial Advice company (IFA) said it intended to use the extra money to recruit additional financial experts.

Its turnover increased by 20% during the last three months of 2000 to £7.9m. The company's directors believe the floatation will enable it to enter into key strategic alliances. Millfield sells life, pensions and savings products.