The £1m sale of WH Ireland’s wealth management division to Oberon Investments looks likely to collapse, according to a recent update from the London-based firm.
Following speculation in the press, the wealth manager issued a statement this morning confirming that at this stage it appears that the proposed sale will not go ahead.
The final outcome of the proposed deal will not be known until the upcoming General Meeting is held tomorrow.
Troubled wealth manager and Financial Planner WH Ireland moved a step closer to winding up after reporting a pre-tax loss of £1.9m in its latest full year results at the end of last month, 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).
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.
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 capital markets 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 wealth management division was impacted by market declines, leading to a reduction in total assets under management from £1.2 billion to £1 billion. This contributed to a 16% drop in revenue, from £11.9 million to £10 million. Despite a reduction in operating costs, including staff redundancies, the wealth management division recorded an underlying loss of £1.85 million.