Private equity-backed clothing retailer Fat Face has cancelled its plans to an IPO in London due to unfavorable market conditions.
“FatFace Group plc announces that despite a strong level of interaction with and interest from institutional investors, the company and its majority shareholder have decided to discontinue its plans for an IPO at this stage,” said the company.
“Current equity market conditions are the principal factor in the decision. The board remains confident in the prospects for the business and will continue to execute the growth plans which are already underway.”
Fat Face, which is backed by private equity firm Bridgepoint, planned to raise £110m via the IPO and have a free float of 25 per cent.
Bridgepoint bought the company from Advent international for £360m in 2007 and was expected to part-exit Fat Face via the IPO.
A year ago FatFace appointed former Marks & Spencer’s boss Sir Stuart Rose as its new chairman.
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