Information  X 
Enter a valid email address

W.H. Ireland Group (WHI)

  Print      Mail a friend

Friday 28 September, 2001

W.H. Ireland Group


W.H. Ireland Group PLC
28 September 2001

                             W H IRELAND GROUP plc


The board of directors of W H Ireland Group plc, the financial services group,
is pleased to announce that it has entered into a conditional agreement to
acquire the entire issued share capital of Stockholm Investments Limited 

Stockholm recently acquired the advisory and discretionary portfolio management
business of Nick Alexander and John Eastgate, two private client advisors with
over 41 years experience in the City and who together currently manage, on an
advisory or discretionary basis, funds in excess of £100 million

Stockholm itself is a newly incorporated company with no historic profits,
however the  business it recently acquired has generated average gross income
of approximately £700,000 per annum for the last three years. Both Nick
Alexander and John Eastgate will join the London office of the Group's
stockbroking subsidiary, W H Ireland Limited, as Associate Directors.

The consideration payable is performance related, with an initial payment of  £
425,000 in cash and 425,000 ordinary shares of 5p each in the capital of W H
Ireland Group plc ('Ordinary Shares'). Further payments up to a maximum value
of £850,000 may become payable should total gross income for the Stockholm
business over the next three years reach £2.1 million. Any further
consideration payable would be satisfied by the issue of up to a further £
425,000 worth of Ordinary Shares and the remainder by way of guaranteed loan

The acquisition will significantly increase the Group's funds under management,
and because of the low cost structure of the acquired business, will add
significant high margin incremental income to the London office.

Chief Executive Laurie Beevers said 'We are pleased to have acquired this
experienced team, who should make a significant contribution to our London
office, bringing the total number of client advisors there to 21. In the last
few weeks we have opened new offices in Cardiff and Burnley as part of our
strategy of expanding our core stockbroking business while developing
complementary businesses. The key to this strategy is attracting the right
highly motivated personnel, notwithstanding the current market conditions. Our
balance sheet strength should enable us to take advantage of any further
opportunities as they arise.'