WH Ireland is pleased to announce that on 15 February 2013, through its wholly owned subsidiary, WH Ireland Limited ("WHIL"), it acquired the private wealth management business and related assets (the "Acquired Assets") from Tenebris Realisations Limited (in administration) and its administrators ("Tenebris") (the "Transaction"). The Acquired Assets include Tenebris's private client list and, as part of the Transaction, the assets under management relating to those clients, valued at approximately £270 million, will transfer to the control of WHIL. In the financial year ended 30 September 2012, the Acquired Assets generated a profit of approximately £0.2 million for Tenebris. The consideration of £25,000 was paid by WH Ireland in cash on completion of the Transaction.
The Transaction increases WHIL's total assets under management by approximately 15%.
Following completion of the Transaction, WHIL is in a position to undertake regulated activities for those of Tenebris's clients that have transferred to the control of WHIL.
Richard Killingbeck, the Company's Chief Executive Officer commented: "WH Ireland is very pleased to have been able to secure this agreement with the administrators of Tenebris. Part of our Private Client growth strategy is to seek to acquire private client teams and assets in existing WH Ireland office locations and this transaction will add considerably to our London based assets under management. We expect this transaction to be earnings enhancing during the year ending 30 November 2013."
For further information please contact:
|WH Ireland Group plc||+44 (0) 20 7220 1666|
|Rupert Lowe, Chairman|
|Richard Killingbeck, CEO|
|Panmure Gordon (UK) Limited||+44 (0) 20 7459 2500|
|Hugh Morgan //Adam James (Corporate Finance)|
|Adam Pollock (Corporate Broking)|
|Abchurch Communications||+44 (0) 20 7398 7709|
|Joanne Shears/Julian Bosdet|