Specialist stockbrokers WH Ireland and Blue Oar have announced they will merge, creating what will be one of the UK’s largest financial advisory groups by number of clients.

WH Ireland will pay £16.2m in cash and shares to Blue Oar investors, and Richard Ford, WH Ireland chief executive, will run the combined company. WH Ireland shareholders will own 51 per cent of the combined firm, while Blue Oar shareholders will get 49 per cent plus 1p per Blue Oar share.