Towry says it is now unlikely to carry through with its intention to float this year because it has raised enough money privately to expand through acquisitions.
Speaking to the Financial Times, Towry chief executive Andrew Fisher said the business had “bypassed” the need to float because it had raised £35m for acquisitions from investors AlpInvest Partners and Honeywell Capital.
Fisher added an additional £10m had been raised on top of that figure.
Fisher said: “What we have done essentially is bypass the need to do an initial public offering by raising the capital privately. We have sufficient equity. I would be really surprised if a float happened this year.
“We would never rule out the public market because we would want to be a public company one day.”
Towry said in March last year it intended to float within 18 months as its private equity parent Palamon was looking to sell its investment in the business.