South African investment group Briat - owner of Iceland, New Look and Virgin Active - blames Brexit for its cancelled plans to list in London PA

The South African investment group that owns a number of UK high street retailers has scrapped plans to list in London, blaming uncertainty over Brexit.

Brait, which holds a controlling interest in fashion retailer New Look, grocer Iceland and gym chain Virgin Active, said in November it wanted to transfer its main listing from Luxembourg to the London Stock Exchange.

But on Friday (24 March) the group said: "In light of the uncertainty introduced by the timing and form of Brexit and the potential impact on capital markets, the board has determined not to proceed with the transfer and premium listing at this time."

The group is incorporated in Malta, but managed from South Africa, has a primary listing in Luxembourg and has a secondary listing in Johannesburg.

It is backed by South African retail billionaire Christo Wiese, who has been expanding his UK interests over recent years.

"The board retains complete discretion to determine whether to proceed with filings in the United Kingdom," Brait added.

Wiese is also the largest shareholder in South African retail group Steinhoff, which last year bought British discount retailer Poundland for £597m ($745m).