Stock market Plus to close

PLUS Markets, the stock exchange for companies including North West brewer Daniel Thwaites, is to close after failing to attract an acceptable takeover offer.

The loss-making group, which put itself up for sale in February, has told the Financial Services Authority  that it plans an “orderly closure” after suffering a drop in its cash reserves.

“The regulated actives of the group will be wound down over a period of up to six months in order to minimise market disruption,” the company said.

Plus Markets said it would help the companies whose shares are traded on its exchange, including football club Arsenal, find “suitable alternative arrangements.”

Plus grew out of Ofex, an exchange for British small cap stocks that required less regulation than the London Stock Exchange or AIM.

The company made a loss of £5.8m on revenue of £3m in 2010, its sixth consecutive year of losses.

Manchester City FC was listed on Plus prior to its takeover by former Thai prime minister Thaksin Shinawatra in 2007.