Private equity firm Isis Equity Partners is set to begin an auction sale process for its online sports retailer Wiggle in the autumn, joining a group industry of peers in ditching plans to exit a portfolio company via an initial public offering in choppy markets.

Isis appointed investment bank Rothschild in May to explore strategic options for Wiggle, which sells adventure equipment that includes kit for swimmers and triathletes. A possible initial public offering of the bussiness was among the options but, according to sources familiar with the situation, this is likely to be abandoned.