WH Ireland Group PLC on Monday said its Irish subsidiary has conditionally agreed to sell its Capital Market division to Zeus Capital Ltd, saying it now will focus on its Wealth Management division.

The London-based broker and wealth manager will receive up to £5 million for the Capital Markets operation, with completion expected by mid-July at the latest.

Chief Executive Phillip Wale commented: ‘We are delighted to have agreed this transaction, which secures a good outcome for the group and the Capital Markets division, and is in line with our strategy to review strategic opportunities as they arise.’

In December, management outlined plans to focus on sustainable profitability with an emphasis on restoring growth in revenue in both the Capital Markets and Wealth Management divisions, alongside reducing costs across the company.

The sale will immediately reduce WH Ireland’s liabilities as well as its working capital requirements, it noted.

Cash at the end of April stood at £5.8 million, down 16% from £6.9 million at September 30.

Assets under management in the Wealth Management division was £1.2 billion on March 31, down 14% from £1.4 billion a year prior.

WH Ireland shares were up 1.3% to 4.05 pence each in London on Monday morning.

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