Plans to float RHM - the owner of Mothers Pride - have been pulled.

The baker’s venture capitalist owner Doughty Hanson blamed stock market volatility for its decision to withdraw plans to float the group which makes products such as Mr Kipling cakes to Saxa salt.

RHM said: “In view of the ongoing volatility in the equity markets and the unlikely prospect of a significant improvement in market conditions in the near term, it has been decided to defer consideration of a listing for the time being.”

RHM also said said that chairman and chief executive Paul Wilkinson has decided to step down in order to “ensure an orderly transition of senior management”.

Ian McMahon, currently chief operating officer, is to take the helm as the new chief executive while Richard Hanson, of Doughty Hanson, has been appointed chairman.

However, RHM said it remains the intention to give the chair to former banker John Nelson in the event of the company listing.