BCA puts brakes on 1.2bn float
Tue, 21st October 2014

BCA puts brakes on £1.2bn float

British Car Auctions (BCA), which has a base in Bedford, has pulled its planned flotation as the appetite for initial public offerings continues to wane.

The business, the owner of We Buy Any Car, announced earlier this month it was set to raise £200m with its float on the London Stock Exchange to help it roll-out the We Buy Any Car brand internationally.

But BCA has now chosen not to proceed with its IPO as a result of the "volatility in global equity markets".

In a statement, the group said: "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.

"BCA has an excellent track record as Europe's leading used vehicle marketplace with strong revenues and earnings growth on the back of momentum across its physical and digital platforms."

BCA acquired We Buy Any Car in August 2013 and operates from more than 200 sites across Europe.

In recent weeks, the likes of Virgin Money, Miller Homes and Aldermore have all postponed flotation plans.

category Central and East  |  source Insider Media