Acromas Holdings, the merged AA and Saga group, has become the latest ­private equity-owned business to abandon plans to float on the stock market this year, reflecting a new militancy among institutions refusing to back businesses with huge debts.

The decision comes amid growing concerns about the future of swaths of British companies that are shouldering debts raised by the private equity ­industry during the boom years, and warnings that tens of thousands of jobs could be at risk.

Acromas has £6bn of borrowings and was widely tipped as a prime candidate for listing, but senior managers have now taken the unusual step for a private equity-financed vehicle of ruling out a float for at least 12 months.

In the past two weeks, three private equity-owned firms have pulled float plans: the retailer New Look, Madame Tussauds owner Merlin Entertainments and hotel bookings business Travelport. Ian Griffiths and Nick Mathiason, The Guardian.

So the question I have is who’s got the money? Into the pockets of bankers, bosses and shareholders and certainly not the workers who are about to pay for the greed of others with their livelihoods.