British companies are opting for alternative exit routes, with only eight PE-backed firms going public in the past five years, none in London this year. Since 2022, delistings from the London Stock Exchange have outnumbered new listings. The share of UK businesses listing at home fell from 71% in 2019 to 46% in 2025. In H1 this year, take-privates accounted for around 20% of realized deal value in UK PE, up from about 13% in 2025. Despite the UK government's efforts to attract IPOs, including simplifying IPO rules last week and offering a three-year stamp duty exemption in 2025, these measures have yielded few results.