Marley postpones IPO due to market volatility
Roofing specialist Marley Group said on Tuesday that it was postponing plans to list on the London stock market due to market volatility.
The company had announced last month that it was planning to raise around £75m in an IPO.
"Whilst Marley has received considerable institutional investor interest, demonstrating the appeal of its business model and support of its management team, their strategy and the company's growth prospects, the board and shareholders have decided that proceeding with an initial public offering in this period of market volatility is not in the best interests of the group and its stakeholders," it said.
In September, chief executive David Speakman had said: "We are delighted by the significant interest shown by potential investors in Marley, which provides us with the confidence to progress with our proposed IPO.
"Marley provides the most comprehensive pitched roofing system in the UK with an industry leading reputation. Our business benefits from key market drivers, namely a resilient and growing RMI market, a strong focus on significantly increasing the supply of new homes in the UK and an ageing housing stock, much of which now requires re-roofing.
"These positive dynamics are combined with the growth opportunity we see for our expanding solar business, which is very well placed to capitalise on the ever increasing focus on building greener homes."