UK Market Exodus: Companies that moved away from London listing in recent years

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June 16 (Reuters) - Plumbing supplies distributor Ferguson said on Tuesday it would cancel its secondary listing on the London Stock Exchange, days after betting giant Flutter Entertainment said it would do the same, in the latest blow for the bourse.

A growing number of companies have either shelved plans to list in London, exited the market altogether, or aimed to better capitalise on stronger foreign markets by demoting their London listing and upgrading their listings elsewhere.

Britain has embarked on broad regulatory reforms, including easing rules for companies to raise funds, to boost the appeal of London as a global financial hub, amid investor pushback and post-Brexit-related challenges that have pressured UK market valuations.

Britain's blue-chip FTSE 100 index was valued at about £2.4 trillion ($3.21 trillion) as of June 11, far below the S&P 500's $63 trillion and only slightly higher than Microsoft.

2026

Ferguson Enterprises: The plumbing supplies distributor said on Tuesday it would cancel its secondary listing on the London Stock Exchange and trade solely in North America, a move it said would cut costs and simplify governance.

The company, which had a valuation of £34.06 billion as of June 15, had shifted its primary listing to New York from the LSE in 2022.

Flutter Entertainment: The FanDuel owner said in June it would delist from the London Stock Exchange in August, while retaining its primary NYSE listing.

The company, which had a valuation of £14.34 billion as of June 11, said the decision was in the best interest of its shareholders. The FanDuel owner had moved its primary listing to the NYSE in 2024.

2025

ASTRAZENECA: While the pharma giant and London's most valuable company had said in September it was not exiting London, it did lay out plans to switch to a direct listing of its shares in the U.S.

Many industry experts have warned that the company's move could prompt other large companies to follow suit.

PETERSHILL PARTNERS: The British investment group had said in September it would delist from the London Stock Exchange and return money to shareholders, citing dissatisfaction with its share price performance and valuation.

The company was valued at £3.32 billion as of September 30.

WISE PLC: The British fintech received shareholder approval on July 28 to shift its primary stock market listing from the LSE to the U.S.

The company, which was valued at £11.27 billion as of September 24, said the move is aimed at improving access to capital and boosting its profile among global investors while still maintaining a secondary listing in London.

COBALT: The Glencore-backed metals investor scrapped its plans for a London IPO on June 4, which, according to one source, was driven by a lack of demand.

The company, which was valued at around $230 million as of June 4, would have seen London's largest market debut since Air Astana's listing in February 2024.

INDIVIOR: The drugmaker in early June said it will cancel its secondary listing on the LSE effective July 25, citing cost savings and a desire to align more closely with its U.S.-focused operations.

Magnum Ice Cream: The ice cream maker, which was spun off from Unilever, debuted on the Amsterdam exchange as its primary listing with a valuation of about €7.8 billion.

The company also has secondary listings in London and New York.

SHEIN: The online fast-fashion retailer is working towards a listing in Hong Kong after its proposed IPO in London failed to secure the green light from Chinese regulators, three sources with knowledge of the matter told Reuters in May.

However, before its attempt to list in London, Shein had pursued a listing in New York, as part of its efforts to gain legitimacy as a global, rather than a Chinese company, and to access a wide pool of large Western investors.

2024

JUST EAT TAKEAWAY: The Amsterdam-listed food delivery company delisted from the LSE in December, citing efforts to reduce administrative and regulatory costs.

The company had a market value of €4.03 billion as of September 30, 2025.

ASHTEAD: The second-largest equipment rental company in the U.S. said in December it plans to shift its listing to New York.

With a market value of £ 20.95 billion as of September 30, 2025, Ashtead has been listed in London since 1986, and transformed into a major U.S. player in the early 2000s.

WOODSIDE ENERGY: The oil and gas giant, in October 2024, decided to delist from the LSE to reduce its administrative costs.

UNISYS: The IT consulting firm announced its intention to cancel its standard listing on the LSE, citing low trading volume of its common stock in October 2024.

TUI: Shareholders of Europe's largest travel operator voted in February 2024 to remove the firm from LSE saying a single German listing will better reflect its ownership and trading patterns in February 2024.

The Hanover-headquartered company has a market value of €3.93 billion as of September 30, 2025.

2023

MARSH & MCLENNAN: The insurance broker giant, valued at $99.08 billion as of September 30, 2025, announced its intention to delist from the LSE, citing low trading volume in November 2023, with its primary listing remaining on the NYSE.

KINGSPAN: The Irish construction company, valued at €12.79 billion as of September 30, 2025, delisted from the LSE in 2023, citing negligible trading in its shares in London and maintaining its primary listing in Dublin.

CRH: The building materials solutions provider, which has $80.44 billion in market value as of September 30, 2025, switched its primary listing to the NYSE in 2023, while maintaining a standard listing on the LSE.

ARM HOLDINGS: The UK-based chip designer chose Nasdaq over London for its 2023 IPO — the largest of that year.

The company, valued at $149.88 billion as of September 30, 2025, was listed in London for 18 years until 2016, when it was taken private by SoftBank in a $32 billion acquisition.

2021

BHP: The world's largest miner by market value made Australia its primary stock market when it ended its dual-listing structure in 2021. The company was the second largest by market value in London when it left the stock market.

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($1 = £0.7459)

(Reporting by Raechel Thankam Job, DhanushVignesh Babu, Nithyashree R B, and Pushkala Aripaka in Bengaluru; Editing by Mrigank Dhaniwala, Shilpi Majumdar, Subhranshu Sahu and Tasim Zahid)