(Bloomberg) -- Financial adviser WH Ireland Group Plc is in talks to sell its capital markets division to British investment bank Zeus Capital, the latest shake-up among struggling UK stockbrokers.

The discussions are at an advanced stage and there’s no certainty they will lead to a transaction, WH Ireland said in a filing on Monday, confirming an earlier Bloomberg News report. A deal could be announced as soon as this week, people familiar with the matter said, asking not to be identified discussing private information. 

Britain’s corporate brokers have been squeezed by a sleepy market for initial public offerings and a shrinking pool of smaller UK-listed firms, prompting some to seek mergers for scale. In January, mid-cap boutiques Panmure Gordon and Liberum agreed to combine in an all-stock deal. Last year, Zeus itself bought Arden Partners, a London-based corporate adviser, while Deutsche Bank AG acquired Numis Corp., one of UK’s best-known brokerages.

A representative for WH Ireland declined to comment. Zeus, an adviser to companies including fast fashion retailer Boohoo Group Plc, wasn’t immediately available for comment. 

London-listed WH Ireland, which traces its roots back to 1872, advises over 60 smaller listed companies, according to data provider ARL. It also has a wealth management unit and reported an overall pretax loss of £3.9 million ($5 million) for the six months through September. The company has said it’s exploring “strategic opportunities” for parts of the business. 

The shares of WH Ireland were worth 4 pence apiece on Monday, giving the company a market value of about £9.4 million. The stock had touched a record-high of 195 pence in 2007.

(Updates with company’s confirmation of talks.)

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