City hit as £24bn Ashtead ‘explores shift to Wall Street’

FTSE 100 equipment rental giant Ashtead is reportedly considering a move to the New York stock exchange, which could deal a new blow to the city.

The £24bn group is in the early stages of exploring a shift of its listing from London to Wall Street, according to The Sunday Telegraph. This comes despite boss Brendan Horgan, an American, telling a newspaper last year that “we are still happy where we are”.

Now, however, the company has reportedly asked city advisers to review the potential merits of the move.

Ashtead’s departure would be another blow to London after the loss of companies such as Cambridge-based Arm Holdings to the United States.

A spokesperson said: “Ashtead regularly reviews its capital structure, including its domicile.”

It came as Marks & Spencer chairman Archie Norman became the latest corporate major to lament the state of the UK stock market, criticizing the reduction in pension funds allocated to British shares.