Advice firm LEBC has postponed its plans to pursue an IPO amid the "highly uncertain" climate created by the UK's rocky departure from the European Union.
The national IFA company originally intended to float on the market in February, but Jack McVitie, chief executive of LEBC, said Brexit had become an "all-dominating issue".
He said: "We will secure a better result, should we continue to pursue an IPO, if we give the market time to normalise.
"We took the decision to postpone some weeks ago now and did this before the process really cranked up and prior to any documents being published."
Mr McVitie added: "LEBC has been built patiently through, primarily organic, growth over the last 19 years.
"In that time we have seen many different market events and we know we will see many more in the future."
In December LEBC reported "record profits" for the 2017 to 2018 financial year, attributing organic growth to both its traditional and retirement advice businesses.
Turnover for the year increased by 13 per cent to £20.5m, up from £18m in 2017, and profit before tax rose from £3m in 2017 to £4.3m this year.
In the results Mr McVitie said the integration of Aspira Corporate Solutions, the advice firm bought by LEBC at the end of 2017 in a £5m deal, was expected to be complete in the first half of this year.
Once listed, LEBC will join a number of financial services companies listing on the stock exchange in recent months.
Support services provider SimplyBiz floated on the London Stock Exchange in April last year and raised £30m for the company.
AJ Bell floated in December last year at a price of 160p, with today's (March 22) share price at 307p and the company recently being promoted to the FTSE 250 in this month's latest reshuffle.
Charlie Musson, head of PR at AJ Bell, said: "Brexit was naturally a consideration during our IPO but it did not change our plans at all.
"We knew when we announced our IPO early in 2018 that Brexit was happening but we said at the time that we were aiming to list the business at the end of the year and we did that successfully."
rachel.addison@ft.com
