Sex toy seller cancels London listing

A SWEDISH sex toy designer has scrapped plans to float on the London Stock Exchange.

Stockholm-based Lelo has now started looking for a buyer instead after market volatility scuppered plans for a public offering.

Lelo has attracted takeover interest from both corporate buyers and private equity funds, Bloomberg reported.

The company, which is owned by Chinese buyout firm Trustar Capital, was launched in 2003 and now also has offices in California, Australia and China.

Lelo was seeking a valuation of more than £1bn in its London listing.

Its search for a buyer comes after rival British retailer Lovehoney agreed to merge with German rival WOW Tech Group to create a combined group worth around £880m.

Reckitt Benckiser, one of the leading manufacturers in the industry, said its annual revenues had benefited from the lift in sales from its Durex condoms, KY lubricants and Veet hair removal products.

The consumer goods giant said the end of lockdown restrictions had seen global condom sales rise by more than 10pc.

Lelo sells sex toys and condoms in 160 markets.