Virgin Money flotation pushed back

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Published: Friday 17th October 2014 by The News Editor

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Virgin Money has pushed back its plans for a £2 billion flotation after the shares offer was hit by recent turbulent market conditions.

The Newcastle-based lender had expected its initial public offering (IPO) to take place this month but now admits the sale will happen “as soon as constructive market conditions allow”.

The move comes after a collapse in investor confidence in the world economy caused the FTSE 100 Index to slump by more than 9% since the beginning of September.

Earlier this week UK challenger bank Aldermore ditched its £800 million initial public offering, and Scottish construction firm Miller also dropped plans to list its housebuilding division last week.

However, designer shoe brand Jimmy Choo defied sliding market conditions and saw through its £545 million float today, albeit at the bottom end of its pricing range.

Virgin Money chief executive Jayne-Anne Gadhia said: “Virgin Money continues to perform strongly and we remain focused on delivering a successful initial public offering as soon as market conditions allow.”

Published: Friday 17th October 2014 by The News Editor

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