Marley, the UK’s biggest manufacturer of roof tiles, has postponed a £500 million plan to list on the stock exchange due to “market volatility”.
There are rising investor concerns about the state of the economy and the outlook for markets, due to widespread disruption to global supply chains and spiralling energy prices, which are likely to cause a sharp rise in inflation. The FTSE 250 index has fallen by more than 7% from its peak of 24,250.83 at the start of September.
Marley said in a filing to the stock exchange that proceeding with its plans against a such volatile backdrop would have been damaging to the company and its backers.
“Whilst Marley has received considerable institutional investor interest . . . 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.