WHIreland Regulatory News (WHI)

30 Oct 2007 10:09

W.H. Ireland Group PLC30 October 2007 WH Ireland Group Plc ("WH Ireland") WH Ireland, the AIM quoted investment banking group, is pleased to announce thatits wholly owned subsidiary, WH Ireland (Financial Services) Limited hasacquired two private financial advisory companies and one unincorporatedbusiness in the Bristol area together with their associated recurring income. The companies acquired are A.R.E. Business and Professional Limited ("ARE") andS.R.S. Business and Professional Limited ("SRS"), together with anunincorporated entity, ARE Business & Professional. ARE and SRS provideindependent financial advice on life insurance, pensions and mortgages toprivate clients predominantly located in the South West of England. The total consideration payable on completion of the acquisitions was £1.25million, payable as approximately £1 million in cash and £0.25 million by theissue of 138,889 ordinary shares in WH Ireland. Further consideration of up toa maximum of £350,000 may be payable in a mixture of cash and shares dependentupon the results of ARE, SRS and ARE Business & Professional in the year ending30 November 2008. Following the transaction, Mr Alastair Robert East will be joining the Board ofWH Ireland (Financial Services) Limited. In the year to April 2007 the combined entity generated pre-tax profits of£311,000 after Director remuneration and before dividends. Mr Laurie Beevers, Chief Executive of WH Ireland commented: "We are delighted to welcome Robbie East and his team to the Group. This will beour third IFA office in the UK and will complement the recently establishedBristol stockbroking office, in addition to further strengthening our presencein the South West of the country." For more information please contact: Mike Frame 0161 832 2174Company Secretary This information is provided by RNS The company news service from the London Stock Exchange