(Alliance News) - Ashtead Group PLC is eyeing a move to New York, in what would be a fresh blow to the London Stock Exchange, the Telegraph reported on Saturday.

Ashtead Group is a London-based provider of equipment hire, makes by far the most of its money in the US via its Sunbelt arm.

The Telegraph reported that the company is in the early stages of considering whether to switch its stock market listing from the UK to the US, which is where the vast bulk of its business is generated.

"The review will blindside officials in the Square Mile after Ashtead previously made a series of pledges to remain listed in Britain," the Telegraph said.

"It is understood the company has instructed City advisers to undertake a full examination of the merits of such a shift."


The FTSE 100 has lost out in the last year.

Flutter Entertainment PLC, which has a large US business via the FanDuel, TVG and PokerStars brands, moved its primary listing to New York in May.

Flutter, formerly Paddy Power Betfair, is a sports betting and gambling company, whose subsidiaries include Betfair, Tombola and Sportsbet. It has a large US business via the FanDuel, TVG and PokerStars brands.

In September, building material firm CRH PLC shifted its primary listing to New York, giving up its FTSE 100 status in the process.

By Sophie Rose, Alliance News senior reporter

Comments and questions to newsroom@alliancenews.com

Copyright 2024 Alliance News Ltd. All Rights Reserved.