Ashtead Group, the £27bn construction rental company, plans to shift its primary listing to New York in the latest blow to the London stock market.
The company, which has been listed on the London Stock Exchange (LSE) since 1986, said the US was a natural home for the company, given that nearly all of profits – about 98% – are made across the Atlantic.
However, its switch away from the UK represents another snub to the LSE, which a number of high-profile businesses have left.
The rental business was founded in Ashtead, Surrey, in 1947 and hires out everything from portable heaters to forklift skips. However, bosses embarked on a series of US acquisitions from the early 2000s that enlarged its American operations, and eventually led to the bulk of its employees and executives being based in North America. While Ashtead’s formal headquarters are in London, bosses said most of its operations were run out of offices in South Carolina.
“The board has been evaluating the optimal listing location for the group,” Ashtead told investors. “The board has concluded that the US…
