Ashtead plans to move listing to New York in fresh blow to London

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Construction equipment rental group Ashtead has announced plans to move its listing from London to New York, in another blow to the UK stock market.

In a statement on Tuesday, the FTSE 100 group said: “The board has concluded that the US market is the natural long term listing venue for the group and that moving to a US primary listing (while retaining a UK listing in the International Companies segment) is in the best interests of the business and its stakeholders.”

Almost all the of the group’s operating profit derived from North America, which is a core area of growth for the business. It has a market valuation of £28bn.

The move will be subject to shareholder approval.

This is a developing story