Retailer completes cost-saving switch to London’s AIM

The Works has completed a move to a “more appropriate market” as it looks to cut costs.

The Birmingham-headquartered books and stationery retailer will switch all 1p 62,500,000 ordinary shares from London’s main market to its Alternative Investment Market (AIM) at 8am on Friday (May 3).

After listing on the London Stock Exchange in July 2018, The Works says the cost and regulatory requirements of the main market have become “progressively higher in recent years” and are “disproportionately burdensome” for a business of its size.

A move is expected to deliver a “significant cost saving” particularly in reduced audit fees as The Works will be able to look at a broader range of firms to undertake the audit, as it would no longer be classed as a public interest entity.

Carolyn Bradley, Chair of The Works, said: “We are pleased that our move to AIM has now completed, meaning that The Works is now listed on a more appropriate market. We reiterate our confidence that this move will deliver a significant cost saving leading to increased value for shareholders. We would like to thank our shareholders for their continued support.”