The Works has completed its move from the main market on the London Stock Exchange to its sub-market AIM.
The specialist retailer, which first listed on the stock exchange in July 2018, had cited its poor valuation, financial cost and regulatory burden of being on the main market as reasons for the change and noted “that AIM is a more appropriate” for the business.
The Works chair Carolyn Bradley said: “We are pleased that our move to AIM has now completed, meaning that The Works is now listed on a more appropriate market.
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“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.”
The Works previously confirmed that HSBC had agreed to reset its fixed charge covenant for its banking facilities when it was admitted on to AIM.
The transition comes as The Works is looking to strengthen its balance sheet after it reported widening pre-tax losses in January following rising cost pressures.
The retailer’s pre-tax loss more than doubled from £7.3m to £14.8m in the half to October 29, despite sales up 3.1% to £122.6m.
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