Belfast Telegraph

South African firm Brait drops plans for London stock market listing over Brexit

Brait, the South African firm that owns Virgin Active, New Look and supermarket Iceland, has ditched plans for a London stock market listing because of Brexit.

Last year Brait said it planned to move its primary listing to London, but on Friday announced that it will not proceed "in light of the uncertainty introduced by the timing and form of Brexit".

The group is backed by South African retail billionaire Christo Wiese, who also owns Poundland.

Brait said in a statement: "While the board remains convinced of the long-term benefits to the company of a transfer to the United Kingdom and a premium listing on the London Stock Exchange, in light of the uncertainty introduced by the timing and form of Brexit and the potential impact on capital markets, the board has determined not to proceed with the transfer and premium listing at this time."

The group's decision follows a spate of other firms also pulling initial public offering (IPO) plans after the Brexit vote.

Misys, TI Fluid Systems and fitness firm Pure Gym also abandoned plans to float last year.

Mr Wiese's other investment vehicle, Steinhoff, last year warned the collapse in the value of sterling following the EU referendum could have an adverse impact on its British businesses.