Pure Gym gathers sufficient investor interest but pulls London listing
Britain's largest gym chain will pull its planned London listing tomorrow after concerns from board members over challenging initial public offering market conditions.
Pure Gym had planned a £190m share sale and it is understood that the company had gathered sufficient investor interest for the proposed listing.
Read more: Pure Gym unveils plans to float on London Stock Exchange
Although the company declined to comment, sources close to Pure Gym told Morning Wire that company executives had become increasingly nervous about pushing the button on a listing given current market conditions.
The company, which is owned by funds who are advised by CCMP Capital Partners and Hermes GPE, announced last month its intention to float on the London Stock Exchange in a listing that would have been one of the largest offerings since the Brexit vote.
Read more: Fitness chain Pure Gym in good health as turnover hits £99.5m
Last week Premier Asset Management announced its intention to list on the Aim market. Although there have been seven listings already during the third quarter of 2016, six of them have been on London's junior stock exchange.