Fat Face has abandoned its IPO citing “equity market conditions” as the new retail Stock Exchange market entrants fail to impress.
The retailer, which is owned by private equity firm Bridgepoint, said: “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.”
“Current equity market conditions are the principal factor in the decision.”
Fat Face, which is chaired by Sir Stuart Rose, confirmed its intention to float earlier this month as it beefed up its board with former Sainsbury’s finance boss Darren Shapland, director of people at BSkyB Deborah Baker, and ITV managing director of global entertainment Maria Kyriacou.
It was trying to raise £110m from its IPO. The retailer said it remained confident in the businesses’ growth prospects.
Fat Face’s abandonment could mark a turning point in the frenzy of retailers looking to list.