WH Ireland suspends senior directors
MANCHESTER stockbroker WH Ireland has suspended two of its most senior and longstanding directors.
In a brief statement the company said deputy chairman Laurie Beevers and group managing director David Youngman had been suspended immediately following a unanimous decision by their fellow board members at a meeting yesterday.
It added that the two directors had told the board they would not vote in favour of the re-election of chairman Rupert Lowe, chief executive Richard Ford, finance director Nigel Gurney and non-executive Roland Rudd at next Wednesday’s AGM.
The ructions come a month after the group announced merger talks with rival Blue Oar had collapsed. At the time Mr Ford said he was disappointed the deal was not going ahead, but some in the Ireland camp were concerned about the size of the stake – 32% – that Blue Oar’s largest shareholder Evolve would take in the enlarged company.
The group has also come under increasing pressure from the financial crisis. In March it reported a full-year loss of £4m compared with a £3.9m profit last time.
Trading volumes were down 18% in this country and by 43% in Australia taking group turnover down 23.7% to £32.59m.
Mr Beevers, pictured right, became deputy chairman in September, relinquishing the role of chief executive to make way for Mr Ford. 
He joined WH Ireland together with Mr Youngman in 1995 from the Manchester broker Charlton Seal Dimmock.
Chairman Rupert Lowe, who was also chairman of Southampton Football Club until April 2, bought into the business last year along with former Conservative party treasurer Lord Marland, Carphone Warehouse founder David Ross and other investors.
WH Ireland is one of the largest independent regional brokers with 13 offices in the UK including Leeds, Birmingham, Bristol and London. It also has an Australian subsidiary in Perth.
