Pure Gym is to put its planned IPO on ice amid the ongoing market turbulence caused by Britain’s vote to leave the European Union.

The UK’s largest private gym chain had been gearing up for a summer listing, which would potentially have seen the company valued at more than £500m. However, Health Club Management understands that the IPO has now been put on the back-burner until the markets settle down in the wake of the Brexit vote.

As reported in January, Pure Gym has been considering following its budget rival The Gym Group onto the stock market for some time. Having taken control of the gym chain three years ago, US private equity firm CCMP Capital Advisors has hired the investment bank Rothschild to review options for cashing out on its investment, with investment banks Jefferies, JP Morgan, and Credit Suisse reported to have been handling plans for the IPO.

Health Club Management can also reveal that Pure Gym was considering a bid for fellow operator easyGym – which was reportedly put up for sale earlier this year – as it sought to continue its ambitious growth strategy.

Despite initial interest, it is understood that Pure Gym ultimately opted against a bid, with the geographical overlap of the two operators’ sites likely to have proved an issue with the Competition and Markets Authority (CMA) – a body Pure Gym is highly familiar with from its failed merger with The Gym Group and subsequent takeover of LA fitness.

A Pure Gym spokesperson declined to comment.