Photo-Me International, which has for months been under attack from activist investors over a strategic review it began last November, has abandoned plans to sell its vending business, which operates photo booths and children’s rides.

It blamed “turbulence in the debt markets” in part for the decision not to proceed with a sale, which earlier had been hoped could raise £240m – more than the market capitalisation of the whole group – and allow a substantial return of cash to shareholders.