Biffa plans to raise £270m in signs that London flotation market is moving after Brexit

Waste management firm Biffa confirmed plans to return to the stock market in the City's biggest flotation since the Brexit vote. The High Wycombe-based group said it will list next month in a move to raise around £270m ($356m), valuing it at around £1bn.

Biffa – founded more than 100 years ago – is the second largest waste management group in the UK, serving 2.4 million households and employing more than 7,000 staff.

The move comes amid signs that the stagnation that hit the London listing market around the Brexit vote may be freeing up. Britain's biggest fitness chain Pure Gym also said yesterday it would raise £190m by listing on the London Stock Exchange to fund expansion plans.

Biffa chairman Steve Marshall said the group was "successfully positioned to leverage the multiple opportunities that lie ahead in the UK market".

Biffa reported underlying earnings of £122m on revenues of £927.5m in the year to March.

Founded in 1912, the firm was once part of water company Severn Trent before being spun out and listed as a separate business in 2006. It was bought and taken private in 2008 by a consortium led by Global Infrastructure Partners, Montagu Private Equity and Uberior Co-Investment just before the financial crisis.