MANCHESTER-based stockbroking business WH Ireland has sold a near-40 per cent stake in its Australian subsidiary to a group of investors mainly comprising the existing directors and employees of the Perth unit, which trades as DJ Carmichael.

Rupert Lowe, chairman of WH Ireland, is also among the investors.

He is buying 7,000 shares for just over £100,000.

The group has agreed to sell a 39.35 per cent holding in WHI Australia, totalling 48,500 shares, for just over £700,000.

It leaves the group with a 37.28 per cent stake in the business.

WH Ireland said the money would be used to increase the working capital of the Australian business, which posted losses of £300,000 after tax for the six months to the end of May.

Richard Ford, chief executive of WH Ireland, said the deal represented an ‘excellent development for all parties’.