Mainspring is delighted to report the successful completion of the transfer of The Share Centre’s venture capital EIS division, including its clients and a number of related staff, effective 14th June 2021.
Following The Share Centre’s decision to divest its venture capital division in 2020, as part of the integration with its new owner interactive investor, a marketing agreement was reached with Mainspring to provide custody and marketing services. Through a competitive process of sales and marketing to each client within the division, Mainspring agreed terms and has now completed the transfer of more than 90% of The Share Centre’s venture capital EIS division.
Mainspring’s enlarged venture capital EIS division, including clients recently transferred from The Share Centre, processed more than £350m in new investor subscriptions and made 275 investments in the 2020/21 tax year, supporting a wide range of early-stage and growth-stage UK businesses.
Mainspring is also pleased to report and grateful to accept the transfer of six Share Centre staff associated within this division. This represented an opportunity for Mainspring to bring in expert, experienced and well-regarded Share Centre team members who will no doubt prove to be a great addition to further strengthen the Mainspring team.
Richard Wilson, CEO of interactive investor and The Share Centre, commented,
“This is another step on the journey to streamline our business and focus on our core products – ISAs, Sipps and trading accounts. Mainspring’s resource and capability made them the right fit to manage this migration and they have a proven track record of doing this well. We always felt they would be the preferred option for EIS clients at The Share Centre, and this has overwhelmingly been the case.
We would like to thank everyone who has worked on this project, not least the highly professional and talented Share Centre team, led by Linda Roberts. This was a complex project for The Share Centre and Mainspring, communicating with hundreds of portfolio companies to a tight timescale. We wish those staff members moving over from Share Centre to Mainspring all the very best – they are lucky to have them.”
Neil Clark, COO Mainspring commented,
“It was a pleasure to work with The Share Centre team and management, working under tight timescales and with many intricate tasks to get done, makes the success of the project all the more pleasing. I would like to acknowledge the professional hard work put in by The Share Centre team to make this divisional transfer such a success. To the new team members that have joined us we hope you and your career will thrive in Mainspring and we very much look forward to getting together, all together, when pandemic times are soon behind us.”