"The Board and I are very pleased to welcome our new shareholder in WH Ireland. KEH Group has an exciting plan for growth within its existing financial services companies in the Gulf states and the UK. WH Ireland expects to be able to help support this growth from both of its divisions and to benefit from the financial resources within KEH Group to develop and accelerate growth plans at the Company," said chief executive, Richard Killingbeck, in a statement on the London Stock Exchange.

On Saturday, Sky News reported that KEH was close to announcing an agreement to buy nearly 30 per cent of WH Ireland shares and that it may consider acquiring the company entirely.

WH Ireland, which provides wealth management and corporate broking services, said yesterday that it was aware that Kuwaiti European Holdings Group is looking to acquire a shareholding in WH Ireland. Shares in the company subsequently surged by 28.7 per cent in London following the announcement on Monday morning.

WH Ireland recently reported an operating loss of £1.1 million ($1.5 million) for the financial half year to the end of May versus a £300,000 profit in the same period of 2015. In February, WH Ireland, the company was fined £1.2 million by the UK’s Financial Conduct Authority for failing to have controls in place to prevent market abuse.

KEH, which was founded by the Al-Humaidi family in 2008, specialises in the property, health and leisure industries. The group has recently provided funding for a number of significant assets in the UK, including commercial real estate in central London and a boutique hotel on the south coast of England.