REG - W.H. Ireland Group - Henley Office

WH IrelandAnnouncement

10/02/2025 07:00

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RNS Number : 4927W  W.H. Ireland Group PLC  10 February 2025

This announcement contains certain inside information for the purposes of
Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"),
and is disclosed in accordance with the Company's obligations under Article 17
of MAR.

10 February 2025

 

WH Ireland Group Plc

 

("WH Ireland", "WHI" or "the Group")

 

Henley Office

 

WH Ireland confirms that in line with the Group's stated focus on achieving
sustainable profitability through the further streamlining of its central
functions and costs, whilst also assessing strategic opportunities for the
Group as they arise, its subsidiary, WH Ireland Limited ("WHIL") entered into
an agreement on 7 February 2025 with Verso Wealth Management Limited ("Verso")
that enables Verso to market its services to certain clients of WHIL's loss
making Henley office and WHIL has also agreed to assist Verso in contacting
these clients.

 

Some of WHIL's Henley financial planning team have already joined Verso and
under the terms of the agreement WHIL is now allowing this team to participate
in the Verso marketing activity earlier than otherwise permitted under their
original contractual terms with WHIL.

 

The portfolio subject to this marketing activity, in aggregate, is c.£152m of
the Group's Assets Under Management.

 

In consideration for these arrangements, WHIL will receive cash payments
linked to any revenue generated from the WHIL's clients that transfer to and
utilise certain of Verso's services during the period from the date of this
agreement to 20 June 2025; with the maximum aggregate amount payable by Verso
under this arrangement being £0.5m.

 

WH Ireland will also be surrendering its Henley office lease by the end of May
in order to reduce its cost base and focus its Wealth Management operations in
London, Manchester and Poole.

 

Additional Disclosures

It is intended that any payments received by WHIL in connection with these
arrangements will be applied to the working capital of the Group.

For further information please contact:

 

 WH Ireland Group plc                                   www.whirelandplc.com
                                                      (https://protect.checkpoint.com/v2/___http:/www.whirelandplc.com___.bXQtcHJvZC1jcC1ldXcyLTE6bmV4dDE1OmM6bzo2ZDE5YzMyMWMzODVjZDEyZGI1ODJlY2ViMzcwMjI4ODo2OjUwZjE6ZDIwOTU2YzliODRiOWE2OTM0NmJlYTBjYzMyYTVmNDFjNTgwY2QyMmNjM2RiMzJjYjJkMWI5YWUwOTk2OTBhZjpwOlQ6Tg)
 Phillip Wale, CEO                                      +44(0) 20 7220 1666
 Zeus Capital Limited (Nominated Adviser and broker)
 Katy Mitchell / Harry Ansell / James Bavister        +44(0) 203 829 5000
 MHP Communications

                                                       +44 (0) 7831 406117

 Reg Hoare                                                    whireland@mhpgroup.com (mailto:whireland@mhpgroup.com)

 

 +44 (0) 7831 406117

        whireland@mhpgroup.com (mailto:whireland@mhpgroup.com)

 

 

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