IN BRIEF: WH Ireland completes sales of capital markets arm to Zeus

WH Ireland Group PLC - London-based wealth management - Completes sale of its Capital Markets division to Zeus Capital Ltd. Discussions for the sale were first confirmed by WH Ireland back in May, with an agreement put in place by early June. At the time, WH Ireland said Zeus will pay up to £5 million in deferred consideration for the business, which acts as a stock broker and nominated adviser to London-listed companies. It has 125 corporate clients, makes markets in up to 200 stocks, and has 90 employees. The business booked a £2.5 million pretax loss on £12.3 million in revenue in the financial year that ended March 31, 2023.

WH Ireland on Monday says the sale will be ‘beneficial in respect of the overall strategy of the group’, which now consists of its wealth management division. The deal will reduce liabilities and provide potential cash inflows if deferred consideration is paid, WH Ireland says. The deferred consideration is due in a year’s time and will be based on trading by the Capital Markets business between now and then.

Current stock price: 3.59 pence, up 14% on London on Monday

12-month change: down 84%

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