Fitness chain Pure Gym has scrapped plans for a stock market flotation, just one month after first announcing it wanted to go public.
The firm blamed the rapid U-turn on ‘market volatility’ and ‘challenging conditions’ for newly listed shares.
Pure Gym’s chief executive, Humphrey Cobbold, said: ‘Given the challenging IPO market conditions, the board has decided not to proceed with a listing despite the strong interest shown by potential investors.
‘Current trading is strong, giving us further confidence that we can capitalise on the significant market opportunity.’
Pushing back: Pure Gym has canned its IPO given the recent volatility in financial markets
Pure Gym added that pursuing a listing ‘in this period of market volatility is not in the long-term interests of the company and its stakeholders’.
The group had hoped to raise £190million from its IPO to help fund…