AM Online

BCA scraps float plans

BCA Marketplace has stopped plans for an initial public offering.

It blames the decision to scrap the float it had planned for November on the instability of global markets.

BCA had hoped to raise at least £200 million in the listing.

In a statement the company said: 'Given the volatility in global equity markets, the board and shareholders of BCA Marketplace have chosen not to proceed with its initial public offering at this time.'

'The board and shareholders were very encouraged by the broad engagement and interest in BCA shown by investors and remain excited about supporting the next phase of the Group's growth.'

Clayton, Dubilier & Rice, BCA’s American private equity owners, bought the company in 2010 in a deal that valued it at about £400m, including debt. It owns 70% of the company, with management the rest.

The auctioneer was listed until 1987, when it was sold to Lord Ashcroft’s ADT conglomerate. He remained a big shareholder until BCA was bought by Montagu in 2006.

If you are not a registered user your comment will go to AM for approval before publishing. To avoid this requirement please register or login.

Comment as guest

Login  /  Register


No comments have been made yet.