Simon Lough, Helen Sinclair and Tom Wood have all stepped down from the board.

They have been replaced by the appointment of Simon Moore as non-executive chair and Garry Stran as a non-executive director.

Mr Moore has had a range of directorships, with other current roles including directorships at Liverpool Victoria Financial Services, PCF Group plc, and RCI Bank (UK) Ltd.

Mr Stran is also currently a director of PCF Group plc and also holds directorships at Catalyst Asset Financial Limited and Azule Limited.

Phillip Wale, CEO at WH Ireland, said: "I would like to welcome Simon Moore and Garry Stran to the board and I am looking forward to working with them as we focus on the next stage of the Company's development. Their experience will strengthen the board's skillset and ensure we have stable governance as we navigate challenging markets."

In August WH Ireland shareholders voted to back a £5m fund-raising move to help stabilise finances at the troubled firm. WH Ireland warned that it was in danger of being wound up if the deal had not gone ahead.

As part of the cost-cutting deal, Mr Wale is taking a 30% pay cut in return for share options. Other senior executives, including head of wealth management Michael Bishop, also agreed to take pay cuts. Job losses and other staff pay cuts were also on the cards.

The firm held discussions with the FCA about its financial position which could have resulted in the company being wound up if the summer share placing was unsuccessful.

In final results for the year ended March, published in September, Mr Wale said the company could be back to break-even in the current financial year after making heavy losses.

For the year ended March the firm made a pre-tax loss of £1.8m compared to a profit of £8,000 the previous year.

The company’s wealth management arm has already returned to profitability during the year, the company said, despite revenue dropping by £1.4m to £14.4m (FY 2022: £15.8m). The drop was due mainly to a fall in commission income.

The firm said the wealth division returned to profitability during the year on an underlying and statutory basis.

Cost cutting completed this month saved the business £3.8m and help boost stability, the firm said.