Ashtead is to change the site of the primary listing, to face the collision of the London market
In a major setback for the global status of the London Stock Exchange, Ashtead, one of Britain’s largest machinery hire companies, has announced plans to switch its primary listing to the United States.
The move is another blow to London’s efforts to remain attractive to big companies, following a series of high-profile departures in recent years.
Ashtead, which leases construction equipment and employs more than 25,000 workers worldwide, said the US was a “long-term listing destination” for the group. The logic is clear: North America is now the company’s biggest profit center, and its leadership team, corporate headquarters, and the bulk of its employees are already based there.
The company plans to maintain a secondary listing in the UK as an international business, but the decision to shift its main listing across the Atlantic underscores investor concerns that London’s lure is weakening. In recent years, firms worth hundreds of billions of pounds, including British technology giant ARM Holdings and Paddy Power owner Flutter, have preferred to float in New York rather than remain tied to their London listings.
Ashtead said it aims to complete the move within the next 12 to 18 months, following a consultation with shareholders and a formal vote. The company’s announcement comes at a time when it expects lower-than-expected annual profit due to a softening of the US commercial real estate market. Still, it expects a stronger outlook as interest rates begin to fall, making borrowing cheaper for construction projects. Finding a deep pool of US investors is a key factor behind the move.
Market analysts suggest other motivations may be at play. Dan Coatsworth, an investment analyst at AJ Bell, noted speculation that delisting could help justify higher salaries for senior executives—something that has faced a backlash under UK governance standards. The $14 million pay package proposed for chief executive Brendan Horgan has drawn criticism as “excessive” by British standards, but will be more in line with the practice of top American listed companies.
Ashtead’s change comes at a time when the British government is trying to stimulate investment, with Chancellor Rachel Reeves recently easing her own credit rules to allow up to £50 billion more loans for infrastructure projects. While the company’s decision may not directly change Ashtead’s domestic investment plans—an Ashtead spokesman insisted that UK investment goals remain unchanged—there’s no denying the symbolic weight of the move.
Founded in England in 1947 and listed on the LSE since 1986, Ashtead built its dominance in equipment hire after expanding into the US in 1990. By the early 2000s, it had become one of the biggest players in North America. As the next chapter of its business journey will be under US control and investor scrutiny, London will be left to think again, how to keep the world champions on British soil.
