Fund Expansion: Equity-Owned Company and Humphrey Cobbold

fund expansion: Humphrey Cobbold, the chief executive, said: Given the challenging IPO market conditions, the board has decided not to proceed with a listing despite the strong interest shown by potential investors, according to The Guardian. The private equity-owned company had been hoping to raise £190m from the listing to pay off debts and fund expansion. Less than a month after announcing plans for a stock market listing, the no-frills fitness chain said current market volatility meant it was no longer in the long-term interests of the company. Sources said that although the group had received sufficient orders to cover the initial public offering, the level of support was not as strong as hoped and the challenging market conditions convinced the board to pull the plug on the plans. The Leeds-based Pure Gym business was founded in 2008, and following a period of rapid expansion it is now the UK largest gym operator with 169 gyms and 820,000 members across the UK. Last year it bought the rival chain LA Fitness and struck up a partnership with Olympian Sir Chris Hoy, who is a special adviser and brand ambassador to Pure Gym. Last month Spain Telefonica cancelled plans to float its infrastructure business Telxius following weak investor demand for the shares. (news.financializer.com). As reported in the news.