FTI client Virgin Money delays IPO plans amid market worries

Virgin Money has become the second FTI Consulting client within two weeks to delay or cancel its planned stockmarket flotation amid nervousness about the world economy.

Amid volatile markets Virgin Money issued a statement this morning rowing back on its 2 October announcement it would seek to raise £150m on the London Stock Exchange this month.

The statement said: "Virgin Money continues to progress its plan for an initial public offering, mindful of market conditions. It now expects admission to occur later than October 2014 and as soon as constructive market conditions allow."

However, financial press reports claim the bank is likely to go ahead with the move in November.

If it goes ahead it will boost its financial PR agency of four-and-a-half years, FTI Consulting, which was hit when another retail banking client, Aldermore, scrapped its IPO last Tuesday.

Aldermore’s statement said: "Due to the recent deterioration of global equity markets, Aldermore's board and shareholders have elected not to proceed at this time with the initial public offering of Aldermore."

FTI is not the only City PR agency affected by the market gyrations. Two weeks ago Miller Homes, which is represented by Cardew Group, also cancelled its plans.

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