Umbro, the UK football products group, has been forced to cut the price of its initial public offering by 30% dealing a second blow to Doughty Hanson, the private equity house attempting to raise an ambitious €3bn ($3.5bn) fourth fund.

Doughty had hoped to collect €2.5bn ($3.1bn) from three exits: the flotations of Umbro and Auto-Teile-Unger, a German car parts company, and from the sale of Dunlop Standard Aerospace, a UK aircraft parts manufacturer.