Zeus completes acquisition of capital markets division from WH Ireland
Zeus Capital has completed its purchase of the capital markets division of stockbroker WH Ireland for £5m.
The sale of the division with 125 retained corporate clients raises cash for WH Ireland and includes the transfer of 90 employees across its offices in London, Manchester, Leeds, Bristol and Edinburgh.
It will form the second largest Nominated Adviser and Broker for AIM companies and will operate under the Zeus banner.
WH Ireland’s CEO Phillip Wale, said: “This transaction secures an outcome which the Directors believe is beneficial in respect of the overall strategy of the Group”.
The sale of the Capital Markets Division will reduce Ireland’s liabilities and give the regional brokerage cash inflows.
Payment is due “shortly following the first anniversary of completion” of the deal.
Most capital markets clients have already transferred to Zeus Capital, but interim arrangements are in place for WH Ireland to maintain its Nominated Adviser status until 14 October 2024.
Digital training business Northcoders updated the markets this morning that its Nominated Adviser and Broker has changed to Zeus with immediate effect.
The key assets being acquired include the corporate client contracts of the Capital Markets Division, the employees, the key supplier contracts, the Leeds and Bristol leasehold premises, and the transfer of High Net Worth clients together with their Execution Only Custody Accounts valued at approximately £600m.
