Shares in Whitehead Mann will now be traded on the Alternative Investment Market (AIM) as part of the headhunter’s recovery plans.

Shareholders approved plans to switch the company’s listing onto the less heavily regulated AIM market at a meeting last month.

The firm has also raised £13.1m through a share offer in order to raise cash to retain its highest-paid consultants. According to a stock market announcement, 69.5% of the shares had been snapped up and institutional investors will take

up the remainder.

Paul Hewitt, associate at Whitehead Mann’s stockbroker, Baird, said that the move had been well received by investors.