Turbulent stock market conditons have claimed another flotation victim with the UK's biggest care home provider delaying its listing.

Southern Cross Healthcare, which is 88 per cent owned by US private equity group Blackstone, has push the stop button its £550

million launch. A company spokesman said the listing was on hold "pending the markets becoming more settled".

Yesterday's move came a week after cinema chain Cineworld - the country's second largest cinema operator behind Odeon - postponed its flotation. Financial betting firm CMC Markets and property group Sigma Capital Investments have also backed out of proposed stock market listings in the last month.

They too blamed the difficulty of selling shares in a turbulent stock market, following a fall of more than 600 points for the FTSE 100 Index.

In a move forecast to raise about £275 million, Blackstone had been expected to reduce its 88 per cent stake in Southern Cross to less than 50 per cent.

The company runs care homes under the Southern Cross healthcare and Ashbourne Senior Living brands, as well as providing specialist services for people with physical or learning disabilities under Active Care Partnerships.

It currently has around 578 homes, including more than 40 in the West Midlands, with nearly 28,800 beds, and expects revenues in excess of £600 million this year.

The company has been a leading consolidator in the industry, and its acquisition spree included care home providers NHP and Ashbourne for £1.2 billion.