Brait, the South African investment group, has cancelled plans for a London listing of its shares, blaming uncertainty over the UK’s exit from the European Union.

The company, backed by South African billionaire Christo Wiese, said in November last year that it was seeking to transfer its main listing from Luxembourg to the UK – where it owns New Look, Virgin Active and the Iceland supermarket chain.

But in a statement on Friday the company said:

While the Board remains convinced of the long term benefits to the Company of a transfer to the United Kingdom and a premium listing on the London Stock Exchange, in light of the uncertainty introduced by the timing and form of Brexit and the potential impact on capital markets, the Board has determined not to proceed with the transfer and premium listing at this time.

The company added that it would also keep its registered office in Malta rather than move it to the UK.

In November, Brait said that a listing on the London market could improve its profile, but warned at the time that it would take the risks of Brexit into account.

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