Belstaff puts brakes on IPO after Brexit vote

Belstaff has put plans to float on ice following Britain's vote to leave the EU. The motorcycle heritage brand had moved its operations back to the UK in January as a precursor to an IPO but now instead plans to focus on growing its UK business.

Chief executive Gavin Haig told the Evening Standard he had "deprioritised" the IPO in light of the 23 June vote. “Post Brexit, we see the luxury and overall market volatility as an opportunity for challenger brands to cut through,” he said.

Haig joined Belstaff in 2014 having previously been with luxury group Richemont. He moved its operations back to the UK in January saying the move was "beautifully in line with being a truly British brand". At that point Haig said he was investigating the option of an IPO but had put no specific timeline on a float.

Belstaff's finance operations had previously been run from Switzerland following the brand's 2011 acquisition by JAB Holdings, the holding company of the billionaire German industrialists the Reimann family that also has an investment in luxury footwear brand Jimmy Choo.

The business was founded in Staffordshire in 1924 and has raised its profile in recent years with collaborations with high profile figures, such as David Beckham. A collaboration with actress Liv Tyler is due to hit stores at the end of the month.

Belstaff has 13 stores worldwide, five of which are in the UK.

Last week British luxury brand Burberry revealed it had put plans for a new factory in Leeds on hold after the Brexit vote.