Shared office giant IWG has signalled it could become the latest firm to ditch its UK listing for New York.
Chief executive Mark Dixon told The Mail on Sunday that the FTSE 250 firm could not ‘rule out’ a move across the Atlantic.
It comes as a growing number of big companies snub the London Stock Exchange by either floating or switching their listing to Wall Street. This includes Cambridge-based microchip designer Arm and building materials group CRH.
Switching allegiance?: Chief executive Mark Dixon said that the FTSE 250 firm could not ‘rule out’ a move across the Atlantic
Monaco-based billionaire Dixon founded IWG, formerly Regus, in 1989 and floated it on the LSE in 2000. It flirted with the idea of a listed US spin-off to challenge American rival WeWork several years ago, but nothing came of it.
Dixon said IWG was among many UK firms considering relocating to the US given market conditions, adding: ‘We are a public company, and our board considers all of these things. We are always thinking about our shareholders and how we get the best value for them. We wouldn’t rule it out.’
A possible signal of the firm’s plan is that IWG is considering converting its accounts from pounds into dollars this year. Dixon said this stems from concerns over the volatility of sterling, especially after last year’s mini-Budget which triggered a drastic fall in the pound.
But he also emphasised that more than 50 per cent of IWG’s business now come from the US.
LSE boss David Schwimmer said this month that, despite reforms to UK financial rules, there was no ‘silver bullet’ to reverse the trend of companies opting for New York over London.
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