Vannin Capital has halted its intended flotation on the London Stock Exchange, a month after it hired Allen & Overy’s former head David Morley to spearhead the move.
Morley joined the funder in September as its non-executive chairman. He was a partner at the magic circle firm for 18 years – spending eight years as its senior partner before moving on to launch his own consultancy practice in April 2017.
Linklaters partner James Wootton had been advising on the listing, which has been postponed due to unsteady market conditions.
The company said: “Since announcing our intention to float, we have enjoyed an extremely positive reception from the investment community. The feedback we have received has confirmed what we already knew – that Vannin is an exciting business with top-tier people, an impressive track record and very attractive growth prospects.
“Although the investor roadshow generated strong indications of support from a high-quality group of institutions, management have concluded that the volatility experienced in the equity market in the last two weeks has led to conditions that are not conducive to an IPO, and that Vannin would be best served by postponing its proposed listing.
“Vannin is in an enviable position. We have an extremely capable and well-respected team, significant capital available through our existing resources, forward visibility over a substantial pipeline of growth, and a leading position in a rapidly growing market. We are under no pressure to list the company in the near term and prefer to wait until market conditions are more suitable.”
The decision comes amid disappointing debuts on the London Stock Exchange for both Aston Martin and Funding Circle. Aston Martin was advised by Slaughter and May in its float, while Funding Circle turned to Freshfields Bruckhaus Deringer.