Portman Travel Group has abandoned plans to float until the market improves.
The news follows rumours at the Business Travel ’99 show at the G-MEX exhibition centre in Manchester that Portman was being sold.
Portman Travel Group marketing and development director Bob Govan said: “We will float when the market is ready but the conditions are not right at the moment.
“But I categorically deny we are up for sale.” He admitted Portman was often subject to rumours which were destabilising and not good for staff.
Meanwhile, Portman has lost the £7m Lucas Varity account to American Express.
Amex commercial director Andrew Pilkington said the move followed Lucas’ acquisition by US conglomerate TRW.
“We already operate the global account for TRW whichwanted to bring all its business travel under one roof,” said Pilkington.
Amex will take over the account of Midlands-based Lucas, which specialises in automotive systems, from January 31, 2000.