WH Ireland has completed its previously announced acquisition of independent financial advisory and wealth management firm Harpsden Wealth Management.

Last month, the company signed a conditional acquisition agreement to purchase the entire issued share capital of Harpsden for £7.8m.

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It was divulged at the time that WH Ireland would initially pay £5.3m in cash for the potential consolidation of Harpsden – a Henley-on-Thames-based firm set up in 2008.

The company is expected to pay the remainder in two contingent payments of £1.25m each over 24 months.

The deal is expected to bolster WH Ireland’s pro forma AUM by 14% to £2bn by adding £250m in assets under management (AUM) and another £140m in assets under influence (AUI).

Commenting on the development, WH Ireland CEO Phillip Wale said: “We are delighted to announce the completion of the acquisition of Harpsden Wealth Management Limited which is in line with our strategic ambitions for WH Ireland.

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“This transaction strengthens the Company’s senior leadership team; increases our assets under management whilst enhancing our earnings, and adds a Chartered Independent financial advice business around which we can build our own offering.

“In addition it adds increased distribution by way of six additional advisers based in a new office. We look forward to integrating Harpsden within the WH Ireland group and welcoming their clients.”

In October this year, WH Ireland revealed that it has registered its first half-year profit for five years, aided by a prolonged overhaul.

This August, the firm secured the regulatory clearance for the sale of its Isle of Man arm to investment manager Ravenscroft.