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WH Ireland Group PLC on Monday said it has entered an agreement with Oberon Investments Ltd for the sale of its Wealth Management business, as it reported plans to delist from AIM and wind down operations. Shares in the London-based wealth-management firm slumped 72% to 0.63 pence on Monday morning in London. Oberon Investments Group PLC was quoted flat at 4.05p on London’s Aquis Exchange. WH Ireland said the conditional asset disposal is for a £1 million cash consideration, with the assumption of specific contractual liabilities by Oberon. Oberon Investments Ltd is the Investment Management division of the London-based investment management, wealth planning and corporate broking group, Oberon Investments Group PLC. WH Ireland said its wealth management business continues to make losses, despite the implementation of further cost-saving measures, with it requiring ‘substantial investment’ to reach sustainable profitability. It added that a capital raise to fund investment would be ‘highly dilutive’, with the transaction representing ‘the best available outcome for stakeholders.’ Earlier in September, Oberon Investments Group reported that it was in ‘advanced discussions’ to acquire the Wealth Management division of an unnamed UK firm through an asset purchase agreement, expected to bring assets under administration of around £850 million. This sale follows the disposal of WH Ireland’s Capital Markets division in July, with the company planning to delist from London’s junior market and begin the process of winding down operations. ‘The group continues to be loss-making on an underlying basis,’ said WH Ireland, as it noted expectations for a further decline in annual revenue to around £8 million for the financial year to March 31, 2026. It tied this to the company’s inabilty to advance the top line by ‘attracting new teams and clients and retain its existing major revenue generating staff.’ The company expects to report its financial 2025 figures on or around Wednesday this week. On its AIM listing, it noted that upon review, ‘given the significant costs involved, there is insufficient benefit in maintaining the Admission.’ The company expects to hold a general meeting on the proposed transaction and AIM cancellation on October 9. ‘The sale of WH Ireland Wealth Management is, in the board’s view, the most appropriate outcome for the business and its stakeholders,’ said WH Ireland Non-Executive Chair Simon Moore. ‘Following the disposal of its operating businesses, the company proposes to delist from AIM and intends to implement a wind-down of the group via a liquidation, with any resulting distributable reserves being returned to shareholders at its conclusion,’ continued Moore. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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