Burberry: 'Float is still on track'

FASHION house Burberry is seeking to dispel fears that it could pull its float on the London Stock Exchange, scheduled for Friday. A spokeswoman said: 'Nothing's changed. The float is still on track.'

Earlier reports, citing banking sources, said parent GUS could drop the plan if markets kept falling. The retailer wants to float 25% of Burberry, valuing the business at £1.14bn to £1.45bn.

Brokers Tullett & Tokyo quoted a grey market spread of 239p to 244p for the shares, down from Wednesday's spread of 242p-248p and compared with the indicative price range for the float of 230p-290p.

The Burberry listing has taken centre stage after several other market hopefuls pulled their plans to float, blaming turbulent markets. SAB Miller, the world's number two brewer, late on Wednesday shelved a share sale to raise about £614m, within hours of unveiling the plan. Irish drinks and snacks firm C&C pulled its float on Monday.