Shareholders of wealth manager Team will vote at its upcoming EGM on 29 December on its planned merger with troubled rival wealth manager WH Ireland.

Team’s board has unanimously recommended shareholders vote in favour of the resolution.

On 27 November, the boards of the two firms announced that they had reached agreement on the terms and conditions of a recommended offer for WH Ireland by Team.

The deal valued WH Ireland at around £12.7m and the enlarged group would have a market capitalisation of around £30.3m. It would leave the combined firm with assets under management and administration of around £2.1bn.

Almost two thirds (61%) of WH Ireland shareholders supported the deal, giving the acquisition the go-ahead. The acquisition will be implemented by a scheme of arrangement and is still subject to regulatory and court approval.

Earlier this week WH Ireland said revenue fell 21% in the first half of the year to £4.2m as assets under management declined.Discretionary and advisory assets under management fell 11% to £680m while group assets under management dropped 12% to £970m.

It said both revenue and assets under management are expected to fall further before the end of the 2026 financial year.

In October WH Ireland said it was currently loss-making but had, “sufficient liquidity and regulatory capital” to continue operating.

In its latest full year results WH Ireland reported a pre-tax loss of £1.9m, following a loss of £2.5m the previous year.

For the financial year 2025, the group reported a 39% decline in total revenue, from £21.5m to £13.2m, largely due to the sale of the CM business in July 2024. The group also incurred redundancy and project costs totalling £0.9m, mostly related to the board's efforts in exploring strategic opportunities.

Gary Stran, a non-executive director at troubled wealth manager and Financial Planner WH Ireland, quit the company on 5 November, two months ahead of his planned departure.

The firm has a heritage dating back to 1872 and has been a significant firm in the wealth management, Financial Planning and capital markets sectors over the years.