Laurel, the pubs company acquired by Deutsche Bank's Morgan Grenfell Private Equity for £1.6bn (€2.6bn) in 2001, has said it is aiming to float in the second half of next year in a rare initial public offering of a steady but relatively low-growth stock.

A spokeswoman for Laurel said: "An IPO would be a favoured option but if market conditions continue as they are now we would have to look at other options."