City broker Shore Capital closes in on deal to buy rival Stockdale Securities

City stockbroker Shore Capital Markets is set to complete a deal to buy rival Stockdale Securities in the next few weeks.

The firms are in advanced talks for Shore Capital to purchase Stockdale for an undisclosed multi-million pound figure, Sky News reported, creating the second largest broker to clients on London’s Aim market.

Sky News reported that the Stockdale name, which was chosen to replace Westhouse Securities in 2016, is expected to disappear.

Executive chairman Mark Brown was brought in to revive the firm and Stockdale has been involved in more than 70 transactions with a total value of more than £3.9bn since 2016.

Shore Capital, which was founded by Howard Shore in 1985, is currently the third largest market maker on AIM by number of trades.

The firm has more than 75 retained corporate clients and has been involved in transactions raising more than £6bn in equity capital markets in the last five years.

City A.M. has contacted Shore Capital Markets and Stockdale Securities for comment.