LONDON (Alliance News) - Retail stockbroker Share PLC on Wednesday said it has struck a new agreement with Barclays Bank PLC to buy 3,000 nominee share dealing accounts serviced by Barclays Stockbrokers.
Share, which operates The Share Centre, said it expects the benefits of the deal to feed through from March 2016 and said the accounts cover a number of customer types, with the largest number relating to Investment Clubs.
The agreement is the second Share has struck with Barclays, having signed a deal in March this year to provide certificated dealing services to the bank's customers.
No financial details were disclosed.
"A key part of Share's growth strategy is to acquire customers into our core business. Having successfully taken on the certificated dealing service for Barclays, following the bank's exit from this activity, we are delighted to have reached a second agreement with Barclays," said Richard Stone, Share's chief executive.
Mark Thomas, an analyst at Edison Investment Research, said that while not financially significant for Share, the deal represents another partnership with a major industry player exiting a non-core business. "We believe this will be an important element of Share continuing its history of delivering multi-year revenue market share gains," Thomas said.
Shares in Share were down 4.2% to 27.30 pence on Wednesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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