Biffa cuts share price to secure London listing

Waste management group Biffa has slashed the price of its shares to keep its stock market listing on track.

The firm said shares would be sold at 180p each, up to a third less than the expected price range of 220p to 270p.

Biffa chief executive Ian Wakelin said the stock market listing was "a significant milestone" for the company.

The UK's second-largest waste management group, which employs more than 7,000 staff, announced plans for the flotation in September.

The 100-year-old company has not had its shares listed on the stock market since 2008, when it was bought by a group of private equity firms.

The flotation, which is expected to raise around £262m in total, comes at a difficult time for investors, with many wary of committing cash amid the fall in the pound and until the details of the UK's exit from the EU are clearer.

Last week, fitness chain Pure Gym blamed "market volatility" for its decision to abandon its London stock market flotation.

Vehicle parts manufacturer TI Fluid Systems also cited "uncertain market conditions" for its decision to postpone its float.

And earlier this month, doughnut maker Krispy Kreme UK announced it was being bought by its American parent, instead of a reported £200m London stock market listing.

Biffa said the price for the share sale would value it at £450m, and its shares are expected to start trading openly from Thursday.

It plans to use the money raised from the flotation to reduce debt and pay HMRC in connection with a dispute over landfill tax.