SELBY bus manufacturer Optare has announced it will be leaving the Alternative Investment Market.

This was after directors agreed the firm is not benefitting from the listing.

Optare announced yesterday it will de-list from AIM – the London Stock Exchange’s international market for smaller growing companies. The firm’s directors said they are not receiving the perceived benefits of being a listed company – such as access to equity capital markets and an “enhanced corporate profile.”

A statement from Optare said: “After careful consideration of the long term growth plans for Optare the board have taken the decision to de-list from the Alternative Investment Market (AIM).

“De-listing from AIM is seen as a positive step towards increasing Optare’s competitive advantage.

“There are significant costs associated with maintaining a quotation on AIM, the board of directors believes these costs outweigh the benefits.”

Ashok Leyland, part of the Hinduja Group, will remain the major shareholder in Optare, holding 75.3 per cent of shares.

Latest results for Optare showed that the firm was making a pre-tax loss of £4.06 million for the year to 31 March 2014 – an improvement of the year before, where the firm made a loss of £7.35 million.