W.H. Ireland Group PLC
30 October 2007
WH Ireland Group Plc
WH Ireland, the AIM quoted investment banking group, is pleased to announce that
its wholly owned subsidiary, WH Ireland (Financial Services) Limited has
acquired two private financial advisory companies and one unincorporated
business in the Bristol area together with their associated recurring income.
The companies acquired are A.R.E. Business and Professional Limited ('ARE') and
S.R.S. Business and Professional Limited ('SRS'), together with an
unincorporated entity, ARE Business & Professional. ARE and SRS provide
independent financial advice on life insurance, pensions and mortgages to
private clients predominantly located in the South West of England.
The total consideration payable on completion of the acquisitions was £1.25
million, payable as approximately £1 million in cash and £0.25 million by the
issue of 138,889 ordinary shares in WH Ireland. Further consideration of up to
a maximum of £350,000 may be payable in a mixture of cash and shares dependent
upon the results of ARE, SRS and ARE Business & Professional in the year ending
30 November 2008.
Following the transaction, Mr Alastair Robert East will be joining the Board of
WH Ireland (Financial Services) Limited.
In the year to April 2007 the combined entity generated pre-tax profits of
£311,000 after Director remuneration and before dividends.
Mr Laurie Beevers, Chief Executive of WH Ireland commented:
'We are delighted to welcome Robbie East and his team to the Group. This will be
our third IFA office in the UK and will complement the recently established
Bristol stockbroking office, in addition to further strengthening our presence
in the South West of the country.'
For more information please contact:
Mike Frame 0161 832 2174
This information is provided by RNS
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