The FCA has approved the takeover of troubled Financial Planner and wealth manager WH Ireland by Jersey-based wealth manager Team plc.
The FCA decision, one of the final hurdles in the acquisition, means that a Court hearing on 20 March is likely to sanction the go ahead of the takeover, with the deal effective around 25 March.
WH Ireland shares are set to be cancelled on 25 March.
Earlier this year WH Ireland shareholders voted overwhelmingly (99.99% in favour) to accept the takeover deal.
Team shareholders voted in favour of the merger at an EGM on 29 December.
The deal values WH Ireland at around £12.7m and the enlarged group is set to have a market capitalisation of about £30.3m. The merged group would have combined assets under management and administration of around £2.1bn.
Late last year WH Ireland said revenue fell 21% in the first half to £4.2m as assets under management declined. Discretionary and advisory assets under management fell 11% to £680m while group assets under management dropped 12% to £970m. WH Ireland said revenue and assets under management were expected to fall further before the end of the 2026 financial year.
In October last year WH Ireland said it was loss-making but had, “sufficient liquidity and regulatory capital” to continue operating. In its most recent full year results WH Ireland reported a pre-tax loss of £1.9m, following a loss of £2.5m the previous year.
For the financial year 2025, the group reported a 39% decline in total revenue, from £21.5m to £13.2m, largely due to the sale of part of its business in July 2024. The group also incurred redundancy and project costs totalling £0.9m, mostly related to the board's efforts to explore strategic opportunities.
WH Ireland chairman Simon Moore resigned from WH Ireland's board earlier this year. His role was taken up temporarily by CEO Phillip Wale pending the acquisition by Team plc.