The Share Centre has agreed to purchase 15,000 customer accounts from Beaufort Securities.
The firm has reached an agreement with PwC, Beaufort Securities’ administrator, after a competitive sales process.
The deal is the last of three, though details of the initial two sales are unknown, as clients haven’t been informed of the changes yet. In total the three acquisitions bring around 38,000 customer accounts to The Share Centre.
In its results for the six months to the end of June, The Share Centre said: “These three acquisitions represent a significant increase in overall customer numbers, and we look forward to welcoming them all to The Share Centre as the acquisitions complete.
“We very much look forward to welcoming all our new customers, especially those from Beaufort Securities who we expect to join The Share Centre from September.”
Furthermore, Richard Stone, chief executive of The Share Centre, said: “Today’s announcement of three acquisitions covering around 38,000 customer accounts is particularly encouraging, and we are especially pleased to welcome, in a few weeks’ time, customers of Beaufort Securities, who have endured a very difficult period since the collapse of that business in March.”
