In a stock market announcement today it said it is in discussions with independent financial services group Zeus Capital Limited over a possible sale.

The statement revealed that “discussions are at an advanced stage”. However the firm said: There can be no certainty that any transaction will occur.”

In its last interim results published in December WH Ireland reported bigger losses and a sharp drop in revenue. The City of London-based firm said half year revenue to the end of September declined by £3.6m year on year from £14.3m in 2022 to £10.7m in 2023.

The firm saw a major board shake-up in November. Simon Lough, Helen Sinclair and Tom Wood all stepped down from the board and were replaced by Simon Moore as non-executive chair and Garry Stran as a non-executive director.

That followed a £5m rescue deal thrashed out in the summer which saved the company. In August WH Ireland shareholders had backed the 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, chief executive Phillip Wale took 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.

In the previous months the company had cut its workforce by 45 from 156 to 111 as it strived to cut costs. It said then it was continuing to streamline its operation as it sought to turn the corner.

The firm had 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.

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.

In its statement today WH Ireland said: “Further updates will be provided in due course.”

Zeus Capital Ltd is a financial services group in public and private capital markets which was founded in Manchester in 2003. It now has offices in London, Manchester, Birmingham and Edinburgh.