Australian owned quick service restaurant operator craveable brands has withdrawn the proposed listing of the company on the ASX.

According to a statement from the firm, pulling out of the IPO is a response to current conditions in the local equity market, including the broader sentiment weighing down the overall retail sector.

“craveable brands. continues to have strong momentum across its business and will focus on its growth strategy of expanding its home delivery offering, rolling out new restaurants and through international master franchise arrangements,” the statement reads.

Just a few weeks ago the company adopted its new name, after trading as Quick Service Restaurant Holdings for some years.

The craveable brands. business operates more than 570 restaurants across Red Rooster, Oporto and Chicken Treat. The restaurant network employs more than 12,500 people and serves more than 150,000 customers a daily.