A company controlled by David Ross, one of the founders of Carphone Warehouse, has taken a near 10% stake in wealth manager and Financial Planner WH Ireland.

WH Ireland reported today that Mountain Berg, an investment vehicle controlled by Mr Ross and others, had taken a 9.9% stake in WH Ireland.

The Mountain Berg stake is estimated to be worth £2.8m. WH Ireland's market capitalisation is approximately £28.3m.

Mountain Berg invests in a variety of businesses via private equity and managed fund investment. Investments include retail and distribution.

At the same time, M&G has reduced its stake in WH Ireland from nearly 15% to approximately 5%.

WH Ireland said in a brief statement to Financial Planning Today: "We are delighted to welcome David Ross to our share register." It referred all other enquiries to Mountain Berg.

Mountain Berg declined to comment on the specifics of the deal but told Financial Planning Today: "Mountain Berg keeps its portfolio investments under continual review."

Carphone Warehouse, now part of Currys, was one of the pioneers of mobile phone retailing in the UK and at one point had over 500 stores.

After several years in the doldrums WH Ireland has recently moved back into profit and has expanded its wealth management and Financial Planning operations.

WH Ireland returned its first profit in five years in its final results for the year ended 31 March 2021. Group assets under management increased 40% to £2.1bn for the year (2020: £1.5bn). Of these assets, £1.6bn are managed by the wealth management division.

WH Ireland also achieved corporate Chartered Financial Planning status from the Chartered Insurance Institute last July. 

The registered office of Mountain Berg is 10 St James's Place, London and the firm holds a number of investments in businesses including a stake in the iSmash chain of repair shops. It was incorporated in 2011.

In 2020 Mountain Berg had revenue of £48.4m and made a pre-tax profit of £38.4m.

In its 2020 annual report the company says it typically invests in businesses for between five and 15 years. Full details of all the companies it invests in are not disclosed.