City broker Peel Hunt yesterday sounded the alarm over the ‘rapid depopulation’ of the London stock market at the hands of foreign predators, and lack of new listings to replace them.

After Easyjet and Segro were targeted by overseas bids, its report laid bare the scale of the exodus, and how it dwarfs the initial public offerings (IPOs) arriving to be listed.

Its analysis revealed that there have been 154 completed or proposed bids for UK-listed firms worth more than £100million since the start of 2023, with a total value of £165billion.

There have been just 11 UK IPOs of companies of that size, with a total value of just £6billion in that time. 

British firms are choosing to list in the US instead, with more UK businesses on course to go public in New York this year than in London, the report found.

Charles Hall, head of research at Peel Hunt, said: ‘The number and value of bids for UK companies are running at exceptionally high levels, raising concerns that the

'UK equity market is seeing a rapid depopulation. To say that the UK has a problem in retaining companies and listing new ones would be a massive understatement.’

This year there have been 29 bids for UK-listed firms with a total value of £61billion, compared to 40 for all of 2025, at a value of £35billion. Overseas bidders represent 62 per cent of the total.

Meanwhile, seven companies have moved their listing overseas, worth a total £120billion.

And eight UK-based firms worth a total £330billion have chosen to float abroad. There has been just one IPO – Meridian Mining – with a value of more than £100million in the UK.

The report – ‘Selling the family silver’ – highlights cheap valuations, an outflow of domestic capital and the UK’s openness to foreign bids.

And it warns that, while recent reforms have aimed to boost London’s attractiveness as a listings venue, unless more is done ‘current trends will inevitably continue’.

Changes could include using tax incentives for pension funds and Isas to encourage investment in UK business, and providing capital gains tax relief for founders listing in the UK, Peel Hunt suggests.

The report came a day after warehouse and data centres group Segro accused US suitor Prologis of trying to buy it ‘on the cheap’ with a £12.6billion bid.

Easyjet has rejected offers from US firm Castlelake – the latest was £4.9bilion – but invited a more attractive bid.