Brait puts off London move because of Brexit

BRAIT A MINUTE: Christo Wiese BRAIT, the investment company partly owned by billionaire Christo Wiese, has postponed plans to move its head office to the UK and seek a London stock market listing because of uncertainty over the UK’s pending exit from the EU.

“In the 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 company based in San Gwann in Malta said on Friday.

Brait said it “remains convinced of the long-term benefits” of the move, and it could revive the plans at a later stage.

In September, Brait said it planned to move to the UK after

The company is convinced of the long-term benefits of the move, and could revive the plan

significantly increasing its exposure to the country in 2015, when it bought gym chain Virgin Active and clothing retailer New Look and increased its stake in discount grocer Iceland.

The postponement of Brait’s plans comes as banks such as Goldman Sachs and Morgan Stanley say they are preparing to move staff and operations away from the British capital to other locations in the EU.

By contrast, some international companies are moving their head offices to Britain, lured by a government commitment to lower corporate tax rates.

The value of Brait’s Johannesburg-listed stock has halved since the June 23 Brexit vote, which Wiese said in December he had not expected.

Wiese, South Africa’s thirdrichest man with a net worth of $6.2-billion (R77.3-billion), owns a 35% stake in Brait. —