Outdoor retailer Mountain Warehouse has paused its plans for an IPO, citing concerns over the post-Brexit climate.
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The company was set to float on the stock market, anticipating a £200m debut, and had hired investment bank Rothschild to explore options.
However, founder Mark Neale has postponed the decision, saying it “became apparent it was not really the right time to do it.”
He cited the Brexit vote as the reason for the postponement. Speaking to Retail Week, he said: “We started to explore it [an IPO]. But, certainly after the [EU referendum] vote, it would have been like pushing water uphill and so we decided to come back to it down the road”
Earlier this week Mountain Warehouse revealed that its half-year pre-tax profits had fallen from £4.3m to £4m due to its investment in new stores. Total sales for the retailer during the six months to August 30 jumped 29.5%.