WH Ireland sells freehold in Manchester property for £5.3m

24th Jan 2017 09:09

(ShareCast News) - AIM-listed broker WH Ireland has sold a freehold in a Manchester property to Beech Developments for £5.27m in order to refocus the company.Through its subsidiary, Readycount, the company sold the freehold of the property in St James's square with sale resenting a premium to carrying book value of £4.75m.The company has also entered into a lease with Beech developments for its employees to remain in the property for at least another five months, when they will move to another location in Manchester during the summer.Chief executive Richard Killingbeck said the proceeds of the sale will bring greater flexibility to the company as it looks to refocus and invest in both its and wealth management and wealth planning businesses.He said: "Our Manchester presence in the future will be enhanced by a new central office location focused upon the provision of our private wealth management and wealth planning services and the majority of our new middle office team."Shares in WH Ireland were down 2.38% to 119.10p at 0930 GMT.