T&T halts plans to float on stock exchange

Consultant Turner and Townsend has shelved plans to float on the stock exchange after failing to achieve its £200m target valuation.

In a statement the company said the decision was taken because of the "unprecedented conditions in the stock market" in recent months.

Chairman Tim Wray, said: "The decision to defer is based entirely on current stock market conditions.

"Turner and Townsend is a high calibre business and has never been in better shape."

City sources had speculated that the group would have to halve its £200m valuation in current conditions.

Consultancies Cyril Sweett and Baqus have both performed poorly since floating at the end of last year.