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At 200 pence per share the company would have been valued at around 1 billion pounds ($1.6 billion); below the 1.5 billion its owners CCMP Capital and Unitas Capital valued it at in September when banks were hired to explore a sale or flotation.
"Although there was strong interest from institutional investors, the selling shareholders, CCMP Capital and Unitas International, elected not to proceed given equity market uncertainty," the company said in a statement. CCMP and Unitas, both private equity spin-outs from JP Morgan, each own around 45 percent of the firm's ordinary shares. The remaining 10 percent is held by staff and management.