The shareholders of troubled wealth manager WH Ireland have given the green light for an all-share merger with fellow wealth manager Team.

Two thirds (61%) of the shareholders supported the deal, giving the acquisition the go-ahead.

WH Ireland has been seeking to wind up the business after falling into financial difficulties in recent times and has been selling, or trying to sell, its key divisions.

The deal with Team values WH Ireland at around 5.4 pence per share, over eight times the value of the £1m proposed deal from Oberon Investments which was voted down by shareholders in October. The deal values WH Ireland at around £12.7 million.

Under the terms of the deal, each WH Ireland shareholder will receive 0.195 new Team shares per WH Ireland share. WH Ireland shareholders will hold approximately 43% of the new company.

The deal would leave the combined firm with assets under management and administration of around £2.1 billion.

The enlarged group would have a market capitalisation of around £30.3 million.

The acquisition will be implemented by a scheme of arrangement and is still subject to regulatory and court approval.

The new combined firm will be headquartered in Jersey, with Team saying the deal will make the combined firm an attractive alternative to large consolidators.

Mark Clubb, executive chair of Team, said: "This transaction isn't about handing over control — it's about elevating it. We are inviting shareholders to join us not as sellers, but as strategic partners in a stronger, scalable platform. Together, we preserve what has been built, unlock liquidity, and create a future with scale, influence, and real growth. This is about moving from defence to opportunity — and winning as owners."

In October WH Ireland said it was currently loss making but has, “sufficient liquidity and regulatory capital” to continue operating.

In its latest 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 £21.5 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.

At the end of October WH Ireland appointed the Lumin MD John Cusins as a director to bolster its board following the Oberon deal being voted down by shareholders.

Gary Stran, a non-executive director at WH Ireland, quit the company on 5 November, two months ahead of his planned departure.

The company’s chair Simon Moore may also depart early.

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.