The takeover of troubled Financial Planner and wealth manager WH Ireland by Jersey-based wealth manager Team plc has moved a step closer after WH Ireland shareholders voted overwhelmingly this week (99.99% in favour) to accept the deal.

The deal now just requires FCA approval. If this is granted the takeover is due to complete around 24 March.

Shareholders of Team voted in favour of the merger at its EGM on 29 December.

The deal values WH Ireland at around £12.7m and the enlarged group would have a market capitalisation of around £30.3m. The merged group would have combined assets under management and administration of around £2.1bn.

Last month WH Ireland said revenue fell 21% in the first half of the year 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.

It said both revenue and assets under management were expected to fall further before the end of the 2026 financial year.

In October WH Ireland said it was currently loss-making but had, “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 £21.5m to £13.2m, largely due to the sale of its CM business in July 2024.

The group also incurred redundancy and project costs totalling £0.9m, mostly related to the board's efforts in exploring strategic opportunities.

• As planned, chairman Simon Moore has resigned from WH Ireland's board this week. His role will be taken up temporarily by CEO Phillip Wale pending the acquisition by Team plc becoming effective.