One of Europe's biggest sellers of second-hand vehicles has declared it will no longer go ahead with its £1.2 billion flotation.
British Car Auctions (BCA), who owns webuyanycar.com, has an estimated annual turnover in excess of £4 billion, has now cancelled plans for an initial public offering (IPO) due to "volatility", ibtimes.co.uk reports.
The company said in a letter to the stock exchange: "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."
BCA sells more than 900,000 cars across 46 branches in 12 European countries, telegraph.co.uk reports. After being purchased by Clayton Dubilier & Rice in 2010 for approximately £400 million, it's believed that a rapid rise of interest in used vehicles has seen the company's value soar.
In its statement, BCA continued: "[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."
Other large companies have also recently cancelled IPO plans, including Virgin Money, which stated it was "mindful of market conditions".