Troubled wealth manager WH Ireland has entered talks for an all-share merger with fellow wealth manager Team.

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, officially proposed this morning, values WH Ireland at around 4 pence per share, roughly eight times the value of the £1m proposed deal from Oberon Investments which was voted down by shareholders in October.

The deal would leave the combined firm with assets under management and administration of around £1.83 billion.

Shareholders have until 10 December to decide whether they will accept the deal.

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 troubled wealth manager and Financial Planner 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.

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.

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.