Equipment hire giant Ashtead plans to shift its primary ownership trade listing to the US in a fresh blow to the London ownership swap.

It said the US was a “natural long term listing venue” because most of its returns was in North America, along with its bosses, headquarters and the majority of its employees.

Ashtead is the latest of several large companies in recent years to delist from the London ownership swap [LSE], which denied it was in crisis in May.

Ashtead said it would discuss its proposed shift with shareholders before putting it to a vote.

The firm aims to shift its primary listing to the US in the next 12 to 18 months, but it will keep a UK listing as an international business.

The firm which hires out construction equipment, has more than 25,000 employees.

Ashtead said annual profits would be lower than expected due to “local commercial construction trade dynamics in the US”, which is set to affect rental sales growth.

Firms worth hundreds of billions of pounds have been quitting the London ownership swap for the US over the history few years, prompting concerns over how attractive the UK for property.

These include Cambridge-based microchip giant ARM Holdings, which now sells its shares in recent York, and Paddy Power’s owner Flutter.

Ashtead said part of the rationale it wants to shift is to attract US investors.

Although the US construction industry has been affected by higher yield rates making borrowing more expensive, the firm expects the trade for its services to strengthen as rates are cut.

Dan Coatsworth, property analyst at AJ Bell, said there had been “rumblings” that the firm also wanted to make the shift as a “justification to pay the top brass large money”.

He said Ashtead had been criticised over a proposed $14m (£11m) pay deal for chief executive Brendan Horgan which was deemed “excessive”.

“That might be the case for UK-listed companies, but not US-listed ones,” Coatsworth said.

He added incoming US President Donald Trump “favours American companies doing things for American people” – moving the listing would be “another tick in the box in its favour”.

Coatsworth said the next logical shift would be to sell its remaining UK operations which are “tiny compared to the US business”.

But an Ashtead spokesman said the shift would not affect property plans in the UK.

Ashtead’s shift comes after UK Chancellor Rachel Reeves changed the government’s self-imposed debt rules to free up billions for infrastructure property.

The rule transformation is expected to allow for up to £50bn more borrowing to invest in large building projects such as roads, railways or hospitals.

Ashtead was founded in England in 1947, and has been listed on the LSE since 1986. It expanded into the US in 1990, and in the early 2000s it became one of the largest equipment rental firms there.