Blow to City as £24bn Ashtead explores move to Wall Street
Concern: M&S chairman Archie Norman
FTSE 100 equipment rental giant Ashtead is reportedly considering a move to the New York Stock Exchange in a potential new blow to the city.
According to The Sunday Telegraph, the £24 billion group is in the early stages of exploring a switch of its listing from London to Wall Street. It comes despite boss Brendan Horgan, an American, telling a newspaper last year: ‘we are happy to stay where we are’.
Now, however, the company has reportedly asked city consultants to assess the potential benefits of the move.
Ashtead’s departure would be a new blow to London after the loss of, among others, the Cambridge-based chip company Arm Holdings to the US.
A spokesperson said: ‘Ashtead regularly reviews its capital structure, including where it resides.’
It came as Archie Norman, chairman of Marks & Spencer, became the latest corporate mogul to lament the state of the UK stock market and criticize the reduction in pension funds allocated to UK shares.