TheWorks.co.uk PLC (LSE:WRKS) has completed a move from London’s main market to the alternative investment market (AIM).
In a move the retailer said would save costs and drive efficiencies, trading started on the junior market at Friday’s opening.
“We reiterate our confidence that this move will deliver a significant cost saving, leading to increased value for shareholders,” chair Carolyn Bradley said in a statement.
The Works, which sells books, toys, as well as arts and crafts, will now be listed on “a more appropriate market,” she added.
Main market listing costs had also become “disproportionately burdensome”.
Reduced fees and access to a broader range of auditors were also cited, alongside potential tax benefits on the junior market, which The Works said could make it more attractive to AIM-specific funds.
AIM, operated by the London Stock Exchange, has seen £130 billion raised by around 3,988 companies since it was set up in 1995.