Introduction

Nominated Advisers (Nomads) have played a unique and central role on AIM since its launch. They have guided thousands of management teams onto the market, so we asked them to share their experiences and insights – and to bust some myths.

Management teams, they said, recognised AIM as a consistent and accessible source of permanent capital to fund their growth plans, particularly acquisitions. They also noted how the market has always been flexible and has raised the profile of its member companies.

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Enabling growth ambitions
An international market
Enabler of acquisitive growth
Rapid access to permanent capital
Visibility, profile and credibility
The liquidity myth
The regulation myth
"AIM has been a huge success. That is down to London Stock Exchange, the Nominated Advisers, the professional advisory community and the companies themselves. It has been the success of the small cap community in the UK."
Nick Naylor,
CEO
Allenby Capital
"There is not a large company that did not start as a small one, so it is incredibly important for the UK to have the ability for capital formation and to allow companies to access that. AIM has been very successful in absolute and relative terms. By whatever metrics, it has done its job."
Andrew Chapman,
Head of Corporate
Peel Hunt
"AIM has grown up. It is more liquid, with more mature, growing, dividend-paying companies, accessing more capital from follow-on rounds."
Stuart Skinner,
Managing Director, Investment Banking
Numis Securities
"Through the Nominated Advisers and the broking community, AIM provides the framework for providing access to capital. AIM remains the world’s leading growth market."
Stephen Keys,
Head of Growth Companies
Cenkos
"The uniqueness of AIM is its international reach with both investors and companies. It has matured to become a sophisticated capital market facilitating and driving growth by ambitious businesses. We have transacted with companies in 45 countries since AIM’s inception proving itself as a resilient market with a unique diversity."
Simon Raggett,
CEO
Strand Hanson
"AIM is incredibly attractive and supportive for a company that wants to execute an acquisition strategy. If you want to be an acquisitive company, AIM is the market."
Stuart Skinner,
Managing Director, Investment Banking
Numis Securities
"The principal attraction for management is capturing long-term capital. Once you have raised the money, it’s your money. And you have long-term institutions investing in you."
Tim Cockroft,
Founder, Equity Partner and CEO
N+1 Singer
"The speed of raising money is incredible. It can happen in weeks. This gets overlooked. It is long term capital, which can be delivered at pace."
Tim Cockroft,
Founder, Equity Partner and CEO
N+1 Singer
"The profile and transparency that comes with an AIM listing is a major benefit. There is an understanding among investors, customers, suppliers and other stakeholders, that once a company is on AIM it is subject to high standards of scrutiny, systems and controls. It is a badge of honour."
Stephen Keys,
Head of Growth Companies
Cenkos
"Liquidity is there for the right companies - those with growth prospects, good governance, and which have been priced correctly."
Andrew Chapman,
Head of Corporate
Peel Hunt
"Liquidity is at the core of AIM and many AIM-listed companies are very liquid."
Philip Secrett,
Head of Public Company Advisory
Grant Thornton
"AIM regulators do a very good job. The regulation is targeted and gives companies flexibility"
Stuart Skinner,
Managing Director, Investment Banking
Numis Securities
"AIM is differently regulated. That does not mean that it is unregulated or an easy place to be. It has maintained its structure and flexibility around corporate transactions; ultimately, you don’t have to issue a prospectus and other listing documents for an equity raise and you only need to secure shareholder approval for a reverse takeover."
Stuart Andrews,
Managing Director
finnCap
"AIM has been a trailblazer. It provided the incentive for entrepreneurial owner-managers to list their companies on the public markets. As well as encouraging them to come to the market, its less prescriptive rule book encouraged entrepreneurs to do deals when on the market."
Tim Cockroft,
Founder, Equity Partner and CEO
N+1 Singer
"It takes a lot for a growth market to flourish. AIM has achieved traction which other global markets have not."
Philip Secrett,
Head of Public Company Advisory
Grant Thornton
"AIM has always been a very adaptable market."
Nick Naylor,
CEO
Allenby Capital
"AIM has provided access to capital for companies of many sizes and from many locations - this is an important point. There are many growth markets that are not international, whereas AIM is."
Chris Fielding,
Managing Director, Corporate Finance and Head of Operations, Corporate & Institutional Broking
WH Ireland
"For a growth company that wants to be active in M&A, AIM offers a much lighter regulatory regime with more flexibility and speed of response. There is less execution risk."
Andrew Chapman,
Head of Corporate
Peel Hunt
"Above all, AIM provides access to capital for growth companies at a reasonable price - and it is capital from multiple investors rather than from one controlling owner."
Chris Fielding,
Managing Director, Corporate Finance and Head of Operations, Corporate & Institutional Broking
WH Ireland
"On AIM, there are many shareholders which are supportive long-term, long-only funds."
Stephen Keys,
Head of Growth Companies
Cenkos
"The guidance and support that the dedicated Nominated Adviser and broker system provides to management of every AIM quoted company is a significant attraction of AIM compared to other markets."
Dru Danford,
Head of Corporate Finance
Shore Capital
"There are many factors that affect a company’s liquidity - such as the size of its free float, the composition of its investors, and the coverage of analysts - but these are not to do with the market."
Stuart Skinner,
Managing Director, Investment Banking
Numis Securities
"The level of regulation is appropriate for growth companies. The biggest myth about AIM is that it is unregulated. The Nominated Adviser relationship and the application of the AIM Rules means that there is ample and appropriate regulation."
Stephen Keys,
Head of Growth Companies
Cenkos
"The regulation is appropriate for growth companies, keeping the cost of capital at an appropriate level. The exemption from requiring a prospectus for raising capital on AIM is one example."
Dru Danford,
Head of Corporate Finance
Shore Capital

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