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Consultant Turner and Townsend has shelved plans to float on the stock exchange after failing to achieve its 拢200m target valuation.

In a statement the company said the decision was taken because of the "unprecedented conditions in the stock market" in recent months.

Chairman Tim Wray, said: "The decision to defer is based entirely on current stock market conditions.

"Turner and Townsend is a high calibre business and has never been in better shape."

City sources had speculated that the group would have to halve its 拢200m valuation in current conditions.

Consultancies Cyril Sweett and Baqus have both performed poorly since floating at the end of last year.