Evolve confirms Ireland shares swoop

EVOLVE Capital, the investment company behind London stockbroker Blue Oar, today confirmed that it now owns more than 5% of WH Ireland, the troubled Manchester firm.

Late on Friday John Dalton Street-based Ireland, which is the midst of a spectacular civil war between long-standing directors Laurie Beevers and David Youngman and the new board led by Richard Ford, said Beevers and Youngman, had sold a chunk of shares to Evolve, without the consent of the board.

Prior to the controversial sale – Mr Youngman and Mr Beevers, held around 16% of the company’s shares between them. Both were suspended from their roles at the end of April for alleged gross misconduct.

In a short statement last Friday WH Ireland said: “Beevers and Youngman have been and remain suspended as employees and subject to an internal investigation.

“Dealing without board consent is further evidence of the allegations of gross misconduct for which they were suspended from their employment.”

The ructions came a month after the group announced merger talks with Blue Oar Securities had collapsed.

Since the cessation of the talks with Ireland, control of Blue Oar has passed to Edward Vandyk, the prime mover behind Evolve.