Merlin Entertainments states preference for London listing Despite the difficult trading conditions in Europe, pre-tax profits grew to £140m last year, up 28pc on 2011, as the group's attractions welcomed 54m visitors worldwide, a 16pc increase. Mr Varney conceded US markets took a "positive view of this type of company" while Merlin has had to work hard to overcome hostility among investors in the UK towards the private-equity backed model. Several successful IPOs in London, including Esure, Crest Nicholson and Countrywide, have increased confidence that Merlin could stage a UK float. "I don't think the antipathy towards private equity is quite what is was," Mr Varney said. Some would say the US market is an easier place to list a company than the UK...on the other hand we are a British company. It's where the heart of the company is. Banking sources have valued a potential IPO at £3.5bn but Mr Varney said he would expect the company to come to the market "at a slightly lower multiple." Net debt at the end of 2012 stood at almost £1.279bn, up from £1.209bn previously. Merlin has already opened five further attractions this year, including Madame Tussauds in Tokyo and Legoland Discovery Centres in Toronto, and expects to open a sixth by the end of the year.