Brighton Pier Group joins JP Jenkins after quitting AIM
Brighton Pier Group has become the latest business to join liquidity venue JP Jenkins after quitting the AIM stock market.
The company, which owns Brighton Palace Pier, the Lightwater Valley Family Adventure Park and a group of bars and mini-golf sites, unveiled its plans to exit AIM in early April, after complaining of high costs, market volatility and lack of liquidity.
Quitting the stock market could save it as much as £300k per year in administrative costs, the firm added.
“The considerable cost and management time and the legal and regulatory burden associated with maintaining the Company’s admission to trading on AIM are, in the Board’s opinion, disproportionate to the benefits of the Company’s continued admission to trading on AIM,” Brighton Pier Group said.
The firm has since arranged for its shares to be admitted to trade on JP Jenkins, which provides a share trading venue for unlisted or unquoted assets in companies, in which shareholders buy and sell equity on a matched bargain basis. The company will have a market cap of £4.7m on the platform.
Existing shareholders wishing to sell their stock can do so through their stockbroker, Brighton Pier Group said. The firm also said it was “in discussions” with major shareholders over the refinancing of its bank debt.
Record sign-ups
This comes as JP Jenkins saw a record number of firms join its platform in March, taking the total at the end of the first quarter to 49. That was followed in April by the arrival of model train business Hornby, which had announced plans to depart AIM in March.
Companies trading on the platform are now worth a combined £2bn.
Mike McCudden, CEO at JP Jenkins, said: “The pace of growth underlines the demand from issuers and investors to find innovative ways to match buyers and sellers of securities and I look forward to us delivering further success as 2025 unfolds.”