Waterstones, the multinational bookstore chain, and Gymshark, the athleisure brand, were part of the group of companies that met with Rachel Reeves on Monday to focus on revitalizing London’s listings market. Sky News learned that James Daunt, CEO of Waterstones, and Ben Francis, founder and CEO of Gymshark, were among the executives attending a roundtable led by the chancellor.
Other companies represented at the meeting included digital banks Oaknorth and Starling, CFC Underwriting, David Lloyd Leisure, and wealth management firm True Potential.
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Sky News reported over the weekend that Ms. Reeves was accompanied by Anthony Gutman from Goldman Sachs, one of the firm’s top investment bankers, and City minister Lucy Rigby at the meeting.
In the invitation, the Treasury emphasized that London’s appeal as a listing venue is a top priority for the government. The invite stated, «Ministers want to hear your perspectives on the attractiveness of the UK as a listing destination for companies, as well as the comprehensive set of reforms the government has implemented to enhance the competitiveness of UK capital markets.»
It remains unclear if the chancellor addressed inquiries about a potential stamp duty exemption for newly listed shares during the meeting, a consideration Treasury officials were reportedly discussing according to the Financial Times. This topic was brought up in the discussions, as per information from one of the attendees.
London has fallen behind several rival financial centers in terms of IPO proceeds, and the decision of major companies like AstraZeneca to prioritize their US listings has raised doubts about the City’s continued appeal.
A source mentioned that the Listings Taskforce, announced in the chancellor’s Mansion House speech earlier this year, aims to strengthen the UK’s existing case for listing in London.
The Treasury has yet to provide a comment following the conclusion of the meeting, and the companies contacted by Sky News have chosen not to comment.