South African investment group Brait, which owns a controlling stake in Virgin Active, has scrapped plans to transfer its registered offices from Malta to the UK, and list in London, due to Brexit.

An announcement on the company's website said: "While the board remains convinced of the long term benefits to the company of a transfer to the United Kingdom and a premium listing on the London Stock Exchange, in light of the uncertainty introduced by the timing and form of Brexit and the potential impact on capital markets, the board has determined not to proceed with the transfer and premium listing at this time."

As well as Virgin Active, Brait has investments in clothing retailer New Look, as well as food retailer Iceland and food producer Premier.

UK Prime Minister Theresa May is due to trigger Article 50 of the Treaty of Lisbon on Wednesday (29 March). This will be the beginning of formal negotiations on Brexit.

The Competition and Markets Authority (CMA) has launched a formal inquiry into the sale of 16 Virgin Active gyms to David Lloyd Clubs.

The Phase 1 inquiry is standard practice for such deals. The deadline for the CMA to announce its decision whether to refer the transaction for a Phase 2 investigation is 19 May 2017.

The deal, which was announced in February, is expected to go through in the second quarter of the year.