Mergers and acquisitions  

WH Ireland set to seal £7.8m IFA deal

WH Ireland set to seal £7.8m IFA deal

Wealth manager WH Ireland is in talks to seal an acquisition worth up to £7.8m in its first deal since returning to profit earlier this year.  

In an update to the market this morning (November 30) the company confirmed it was pursuing a conditional acquisition with Henley-based advice firm Harpsden Wealth Management Limited. 

The deal is worth up to £7.8m, with WH Ireland set to raise an initial cash consideration of £5.3m from investors today to pay for the first instalment.  

The placing is taking place at a price of 40 pence per share, a 3.6 per cent discount to the closing price of 41.5 pence on November 27. 

If the placing is successful and the initial £5.3m is paid upfront, WH Ireland could pay a further two payments of £1.25m each over the next two years. 

Phillip Wale, chief executive at WH Ireland, said the company now had a "robust operating platform" to build both businesses after returning to profitability earlier this year.

He added: "The conditional acquisition will add assets to our platform and also strengthen key elements of our proposition for the future.

"It is financially attractive and our route to full integration is clear. We look forward to welcoming the Harpsden team and feel confident that we are creating a stronger and more capable wealth business with clear differentiation."

The deal to buy Harpsden Wealth Management will add around £250m in assets under management and £140m in assets under influence to WH Ireland, bringing the wealth manager's assets under management to £2bn. 

Earlier this year the company revealed administrative savings of £7.6m as it sets its sights on "delivering profitability consistently". 

rachel.mortimer@ft.com

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