British pubs group Punch Taverns has pulled plans to float on the London Stock Exchange - just hours before trading was due to start.
The group issued a statement late last night saying it would not proceed with the flotation on the basis of the recent conditions in the equity markets.
A spokesman for Merrill Lynch, co-ordinator for the issue, said that although the offer was covered in the range with quality investors, the group has taken the view that in the current environment it was unlikely to perform well in the immediate aftermarket.
The move deals another blow to the flotation market and comes hot on the heels of the disappointing listing last week of HMV.
