WH Ireland ends merger talks with Blue Oar

WH IRELAND this week unexpectedly terminated its merger talks with rival Blue Oar.

No reason was given for the collapse of the £16.2m deal which was announced by Manchester-based Ireland earlier this month.

The combination of the two AIM-listed brokers was seen as a good strategic fit, but there was concern among some senior Ireland staff about the size of the stake – 32% –  in the enlarged company Blue Oar’s largest shareholder Evolve would take had the deal gone ahead.

Today’s annoucement is the latest in the troubled courtship of the pair. Last year Blue Oar tried to buy WH Ireland but was rebuffed.  

Both firms have historically concentrated on smaller listed companies and have struggled amid sharp falls in trading and new listings on the AIM market.

Shares in WH Ireland rose 2% to 72.5p on the news that the deal had hit the buffers. But Blue Oar shares slumped 33.3% to 4p.

Chief executive Richard Ford said he was “disappointed” that the deal was not going ahead.