WH Ireland Group PLC (AIM:WHI) has completed the sale of its capital markets division rival broker Zeus Capital.
Phillip Wale, chief executive, said: "This transaction secures an outcome which the directors believe is beneficial in respect of the overall strategy of the group".
WHI said the sale immediately reduces its liabilities, as well as its working and regulatory capital requirements, while also increasing potential cash inflows if and when the deferred consideration is paid.
WHI added that from this morning the majority of its clients have transferred to Zeus Capital.
For those clients that have not yet transferred transitional arrangements have been put in place to enable WH Ireland Limited to maintain its Nominated Adviser status for a maximum of a further three months after completion.