WeBuyAnyCar owner pulls stock market listing

THE parent company of WeBuyAnyCar.com the business founded by North West entrepreneur Noel McKee, has pulled its stock market flotation, blaming the recent turbulence buffetting equity markets.

BCA Marketplace, which bought Middleton-based WeBuyAnyCar, last year, only announced its IPO three weeks ago and  had hoped to raise about £200m through the sale of at least 25%.

In a brief statement the private equity-backed group said: “Given the volatility in global equity markets, the board and shareholders of BCA Marketplace have chosen not to proceed with its initial public offering at this time.

“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.”

Surrey-based BCA’s move to shelve its IPO follows the decision of Virgin Money and fellow lender Aldermore to pull its listing. Both also blamed the uncertainty of stock markets.

The FTSE 350 is down nearly 10% since the beginning of April amid concerns about the strength of the US economy, weak Germany growth impacting the euro zone,  and the ebola outbreak in Africa exacerbating geo-political tensions emanating from Russia.

BCA, formerly known as British Car Auctions, which was targeting a valuation of about £1.2bn, had hoped to use the money raised from the float to pay down debt and allow Clayton, Dubilier & Rice, its private equity owner, to cut its stake. The firm bought BCA for about £400m in 2010.
 

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