A MULTI-MILLION pound provider of broadcast infrastructure services has scrapped its plan to float on the London Stock Exchange.

Arqiva, based at Crawley Court in Winchester, has abandoned its plan to become a publicly listed company after citing "uncertainty of the future direction of the market."

The provider, which had a turnover of almost £1bn last year supplies television and radio broadcast infrastructure to the likes of the BBC, ITV and Channel 4.

In a statement, the company said: "Arqiva announces today that it will postpone its proposed initial public offering.

"The Board and Shareholders have decided that pursuing a listing in this period of IPO market uncertainty is not in the interests of the company and its stakeholders, and will revisit the listing once IPO market conditions improve."

Originally, Arqiva revealed plans to float on October 23 and was seeking to raise £1.5bn of fresh capital, £600m of which was earmarked to pay off £600m of debt.

Company bosses at the time said that the move would have reduced interest costs by £57m annually and more than £2.5bn of shareholder loans would have converted to equity following the flotation.

Arqiva is owned by Canada Pension Plan Investment Board and Australian private equity firm Macquarie.

Arqiva also has additional UK bases in Gerrards Cross, Daventry, Huddersfield, Sutton Coldfield, Halesowen and London, along with 8,000 active licensed broadcast sites providing its services across the UK, Europe, the US, the Far East and Australia.