Two non-executive directors of troubled WH Ireland, including chair Simon Moore, have quit today after shareholders voted to reject a plan to sell the firms’s wealth arm for £1m.

The vote means the proposed sale of the firm’s wealth management division to Oberon Investments has now collapsed.

The news comes after a General Meeting today which saw two motions from the board, including the sale of the wealth arm, fail.

The two non-exec directors, chair Simon Moore and colleague non-exec director Gary Stran, called the result an effective vote of “no confidence” in the board and have tendered their resignations.

In a statement the company, which provides wealth management and Financial Planning, said: “Given the rejection of the Resolutions at the General Meeting, the non-executive directors have concluded that this effective vote of no confidence in the board leaves them with no option but to tender their resignations.

“Accordingly, each of Simon Moore and Garry Stran today notified the board that they will resign as a director of the Company, with effect from 9 January 2026 (or earlier, by mutual agreement with the board). Any change to this resignation date will be announced.

"The non-executive directors are fully committed to working with the company to affect an orderly transition and handover in the coming months taking into account any views that might be expressed by any principal shareholders as part of their anticipated consultations.”

At the General Meeting today WH Ireland Group PLC said that the proposed disposal of its wealth management business to Oberon Investments Limited and the associated delisting from AIM were rejected by shareholders.

Some 95.63% of shares were voted against the sale of the wealth arm and 55.5% of shareholders votes were against the delisting on AIM.

The company says the directors will consult with principal shareholders on future plans.

Some shareholders have questioned the management of the company, the sell off of the wealth arm and remuneration for directors. The firm is currently seeking to sell off parts of the business before winding up the company.

WH Ireland says it is currently loss making but has “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. Revenue slumped from £21.5m in 2024 to £13.2m this year and the statutory loss before tax rose to £9.2m (2024: £6m).

In its latest results, the firm said it was now moving to wind up the business and sell off any remaining assets. It had previously announced this was a likely route for the business.

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.

For the financial year 2025, the group reported a 39% decline in total revenue, from £21.5 million to £13.2 million, largely due to the sale of the capital markets business in July 2024. Revenue at the wealth management division was impacted by market declines, leading to a reduction in total assets under management from £1.2 billion to £1 billion.