Lawyering by Clifford Chance and Freshfields Bruckhaus Deringer came to naught as the U.K.’s largest private gym chain canceled its planned IPO due to concerns over market volatility.
The magic circle firms had been acting on Pure Gym’s £190 million ($235 million) listing on the London Stock Exchange, which was announced last month. But the company pulled the plug on the deal on Tuesday, citing “challenging” marketing conditions. CEO Humphrey Cobbold said the decision had been made despite strong investor interest for the shares. The IPO would have valued the company at around £500 million pounds ($615 million).
