A firm of Leeds-based stockbrokers is opening a branch in York.

Redmayne Bentley has found new premises at Brown's department store in Davygate and will open, initially with four staff, on June 1.

In charge will be partners Paul Lumley and Stephen Wolstenhulme who together have worked up a phone client base of 5,000 people.

They are from as far away as Australia and Switzerland as well as the UK but with a large and growing clientele in York.

Mr Lumley said there was room for a third stockbroker's in the city beyond Capel-Cure Myers and Greig Middleton as long as his branch kept commissions and bargaining fees competitively low.

"We have offices in Harrogate and Beverley and one in York will complete the golden triangle," he said, adding that his would be the first of Redmayne Bentley's 18 branches to be opened by staff working for the company.

Already Mr Lumley counted among his clients employees of Marks & Spencer, British Telecom and York-based General Accident.He was hoping to attract employees of even more firms to deal in shares by offering special deals for those whose company share options mature.

He said: "Instead of our standard commission fee of 1.65 per cent with a minimum of £17.50 we will instead charge them one per cent commission, with a minimum of £13 and a maximum of £95."

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