Troubled wealth manager and Financial Planner WH Ireland has moved a step closer to winding up after reporting a pre-tax loss of £1.9m in its latest full year results, following a loss of £2.5m the previous year.

Revenue slumped from £21.5m in 2024 to £13.2m this year and the statutory loss before tax rose to £9.2m (2024: £6m).

Earlier this year London-based WH Ireland said it was selling its loss-making £1bn wealth management business to Oberon Investments for £1m in cash.

In its latest results out this week, the firm said it was now moving to wind up the business and sell off any remaining assets. It had previously announced this was a likely route for the business.

The firm has a heritage dating back to 1872 and has been a significant firm in the wealth management, Financial Planning and capital markets sectors over the years.

In a joint statement, chair Simon Moore and CEO Phillip Wale said: “The market conditions during the period have had a significant impact on our financial performance.

"While the FTSE 100 has shown signs of recovery, the AIM All-Share Index experienced a decline of 8%. In light of the strategic challenges faced by the company in recent years, as well as public perception concerns, our Assets Under Management (AUM) were similarly affected.

“With the successful divestment of the CM (capital markets) division and the planned sale of the WM (wealth management) division, the group now intends to delist from the AIM market and commence a process of winding down its operations. We extend our sincere gratitude to our shareholders for their ongoing support throughout this challenging period, and we appreciate their understanding as we move forward with the wind-down strategy.”

For the financial year 2025, the group reported a 39% decline in total revenue, from £21.5 million to £13.2 million, largely due to the sale of the CM business in July 2024. The group also incurred redundancy and project costs totalling £0.9 million, mostly related to the board's efforts in exploring strategic opportunities.

Revenue at the WM division was impacted by market declines, leading to a reduction in total assets under management from £1.2 billion to £1.0 billion. This contributed to a 16% drop in WM revenue, from £11.9 million to £10 million. Despite a reduction in operating costs, including staff redundancies, the WM division recorded an underlying loss of £1.85 million.

The chair and CEO added: “On behalf of the board, we wish to express our sincere gratitude to all employees for their continued dedication and hard work during this challenging period. Although this has been an unsettling time for all stakeholders, we deeply appreciate the efforts of our employees, clients, and partners in successfully completing the sale of the CM division and for their collaboration in stabilising the business.

“As the company moves towards delisting and the winding-down process, the board's primary objective will be to ensure an orderly and efficient dissolution of operations. This includes the sale of remaining assets, settlement of liabilities, and management of ongoing contractual obligations.

"We will focus on minimising costs and protecting the interests of all stakeholders. Throughout this process, the board will closely assess the strategic value of key business units, identifying assets that can be liquidated or have potential for future strategic opportunities.”

Financial Planning Today Analysis: Many will mourn the demise of a respected and once important name in the wealth management sector with a heritage dating back over 100 years. While the experts will question some of the board decisions over the years, ultimately WH Ireland struggled to achieve scale and wider support and in recent years has seen business decline. Despite this the running down and winding up of the business has so far been a model lesson in how to exit a market in an orderly fashion and the board have done well to keep staff and shareholders informed about the process, despite the challenges.