Baronsmead Second Venture Trust plc is a tax-efficient venture trust, making investments focused on supporting the UK’s very best growth businesses.

Why invest
Baronsmead Second Venture Trust plc has a strong track record of dividends and long-term investment performance.
The VCT funds are concentrated on sectors, markets and companies that benefit from long term structural growth trends.
Drawing on our VCT investment team’s extensive entrepreneur network and specialist skills, Baronsmead Second Venture Trust plc injects capital and support to push exciting businesses to the next level.
VCT funds benefit from the experience of the wider Gresham House network, enabling the team to resource investees financially and practically, offering mentorship and advice throughout their development cycle.
Our approach
Baronsmead Second Venture Trust plc has a large, diversified portfolio and maintains a robust pipeline of new investment opportunities – with an increasing rate of deployment.
We seek to invest in innovative companies that we believe will be crucial to the UK economy in the years to come, providing capital and expertise to accelerate growth at a critical stage of their journey.
Drawing on our VCT investment team’s extensive entrepreneurial network and specialist skills, we inject capital and support to push exciting businesses to the next level, concentrating our efforts on sectors, markets and companies benefiting from long term structural growth.

How to invest
Prospective and current investors can invest in the Baronsmead VCTs by subscribing for shares when the Companies raise funds through new share issuance. The VCTs have raised over £500m since 1995, with £43m of new shares issued in the last tax year. The minimum subscription amount under the last offer was £3,000.
Investors may also buy shares in the VCTs on the secondary market, but without the same VCT tax relief benefits.
Offers for subscription | ||
The Baronsmead VCTs are now closed. | ||
Find out more>> | ||
Investors can also access access more information about the VCT share price and the company through the listed company (ticker: BSVT)
To receive information about share offers please sign up using the form below:
Important information
Prospective investors should carefully consider the risks associated with this form of investment and seek advice from a qualified financial adviser. Investment in smaller unquoted companies involves a higher degree of risk than investment in larger companies. VCT shares are infrequently traded, so shares are often valued at a discount to their Net Asset Value and may be difficult to realise. Shareholders may be offered a price which is less than the full value of the underlying assets.
Board

Sarah Fromson retired from her executive role as Head of Risk at Wellcome Trust in 2019. Sarah was previously at RBS Asset Management (formerly Coutts) where she held a number of senior positions, including Chief Investment Risk Officer, Co-Head of Investments and Head of the Long-Only Investment team.
Sarah is Chair of JP Morgan Global Emerging Markets Income Trust plc, as well as being a Non-Executive Board member of Boston-based Arrowstreet Capital Partners. Sarah is also a Pension Trustee Director of Genome Research Pensions Trustee Limited and Wellcome Trust Pensions Trustee Limited.
She is also on the board of Quilter Investors Ltd, a subsidiary of Quilter plc.

Graham was the former Global Head of Private Equity and Venture Capital at Aberdeen Standard Investments. He brings extensive leadership and private equity experience.

Malcolm is a fellow of the Institute of Directors, the Institute of Chartered Accountants in England and Wales, and the Royal Society for the Encouragement of Arts, Manufactures and Commerce.
During his executive career, Malcolm held C-suite positions with global businesses in engineering, construction and financial services. Since 2004, he has also served as Chairman or Non-Executive Director in a number of significant businesses, currently holding directorships at two AIM-listed ventures InfraStrata and Tomco Energy. He is also Chairman at The Corps of Commissionaires and at Zaim Credit Systems plc.

Tim Farazmand has spent 30 years in private equity. His last full-time role was as a Managing Director at LDC, the private equity arm of Lloyds Bank. He previously worked for 3i Group Plc and Royal Bank of Scotland Private Equity.
He was Chair of the British Venture Capital Association (BVCA) for the 2014-2015 term. He currently chairs the Palatine Impact Fund, sits on the Advisory Board of Beechbrook Capital and the boards of Estio, The Lakes Distillery and Vinoteca.
Investment team

Bevan joined Gresham House in November 2018, having been at Livingbridge since 2006. Bevan has overall responsibility for all portfolio management activities for the Baronsmead VCTs. He also directly manages portfolio investments and has been an active board member of several Baronsmead investee companies including MLS, Eque2, Key Travel and Pho. He qualified as a Chartered Accountant at KPMG in New Zealand, where he provided consultancy services to fast growing small businesses.

Steve joined Gresham House in November 2018 after the Livingbridge acquisition. Steve leads the unquoted investment team on behalf of the Baronsmead VCTs. Steve is a qualified Chartered Accountant and prior to moving into Private Equity he advised Corporate and Private Equity clients on a range of corporate finance and due diligence matters on transactions up to £2bn in value at KPMG.
Steve has a depth of experience in sectors including TMT, Leisure, Consumer and Business Services. Notable investments include Carousel Logistics, Moteefe, Boilerjuice, Happy Days Nurseries and Symphony Ventures.

Ken is Managing Director, Public Equity, and leads the investment team managing public equity investments. He is lead manager for LF Gresham House UK Micro Cap Fund, LF Gresham House UK Multi Cap Income Fund, Strategic Equity Capital plc and manages AIM listed portfolios on behalf of the Baronsmead VCTs. Ken graduated from Brasenose College, Oxford, before qualifying as a Chartered Accountant with KPMG. He was an equity research analyst with Commerzbank and then Evolution Securities prior to spending the past 12 years as a Fund Manager at Livingbridge and now Gresham House specialising in smaller companies.

Tania joined Gresham House in November 2018 having been at Livingbridge for 13 years. She has worked on the Baronsmead VCTs since she joined, progressing from administration assistant to Finance Manager in 2011 and qualifying as a Chartered Management Accountant in 2012 while at Livingbridge.
Tania previously worked at a Chartered Accountancy practice in New Zealand for eight years where she began her accounting training. She holds a BBS in Accounting from the Open Polytechnic of New Zealand.
Investor Relations queries
Computershare Investor Services plc | Gresham House | |||
0800 923 1534 https://www.computershare.com/uk The Pavilions Bridgwater Road Bristol BS13 8AE | 020 3875 9862 baronsmeadvcts@greshamhouse.com |
Gresham House Asset Management Ltd has released a statement regarding
COVID-19 which can be found here.
Annual General Meeting (AGM)
The Baronsmead Second Venture Trust plc AGMs took place on 16 February 2021.
Thank you to all who attended and to those that sent through questions. Those questions that didn’t get answered in the AGM Q&A section, will be answered via email.
Shareholder information
View or subscribe to the key shareholder information for this company.
Date Launched | January 2001 |
Net Asset Value (£) | £225.0m |
Net Asset Value (per share) | 81.0p |
Dividends paid since launch (per share) | 147.8p |
Annual average dividend in the past 10 years (per share) | 9.20p |
Annual average dividend since launch (per share) | 7.39p |
Financial Year Ended | 30 September |
All figures as at 28 February 2021 unless otherwise stated
Past performance is not a reliable indicator of future results
Baronsmead Second Venture Trust plc. Registered Office and address for correspondence: 5 New Street Square, London, EC4A 3TW. Registered in England and Wales. Company Number: 04115341.
Latest Net Asset Value | Total net assets £m | Net asset value p | Net asset value total return since launch* p |
28 February 2021 | 225.0 | 81.0 | 362.7 |
* Source: Gresham House
For a link to the London Stock Exchange and the Share Price for Baronsmead Second Venture Trust plc, please click here:
Share Price for Baronsmead Second Venture Trust
Past performance is not a reliable indicator of future results
Historical data
Year ended (as at 30 September) | Total net assets £m | Net asset value p | Net asset value total return since launch* p |
2020 | 182.3 | 73.7 | 316.4 |
2019 | 175.4 | 77.05 | 303.77 |
2018 | 199.4 | 92.10 | 330.59 |
2017 | 186.7 | 94.60 | 313.53 |
2016 | 140.9 | 92.17 | 295.75 |
Year ended (as at 31 December) | Total net assets £m | Net asset value p | Net asset value total return since launch* p |
2015 | 79.2 | 106.46 | 288.38 |
2014 | 76.6 | 101.72 | 257.18 |
2013 | 74.9 | 113.40 | 245.38 |
2012 | 74.6 | 111.62 | 217.38 |
2011 | 60.1 | 100.16 | 189.74 |
2010 | 64.6 | 106.60 | 180.19 |
2009 | 52.9 | 97.50 | 159.89 |
2008 | 55.1 | 102.72 | 149.56 |
2007 | 65.2 | 120.44 | 170.56 |
2006 | 66.5 | 130.77 | 169.27 |
2005 | 56.2 | 117.31 | 144.77 |
2004 | 35.1 | 106.38 | 125.64 |
2003 | 33.0 | 97.15 | 112.65 |
2002 | 32.1 | 94.85 | 105.35 |
2001 | 31.1 | 93.85 | 101.21 |
* Source: Gresham House
Year ended (30 September 2019) | Dividend p per share | Ex-dividend date | Record date | Pay date |
Interim | 3.0 | 13 August 2020 | 14 August 2020 | 11 September 2020 |
Final | 3.5 | 4 February 2021 | 5 February 2021 | 5 March 2021 |
Past performance is not a reliable indicator of future results
Historical data
Year ended (as at 30 September*) | Total annual dividend p | Cumulative dividends p |
2020 | 6.50 | 147.80 |
2019 | 6.50 | 141.30 |
2018 | 7.50 | 134.80 |
2017 | 7.50 | 127.30 |
2016 | 17.00 | 119.80 |
Year ended (as at 31 December) | Total annual dividend p | Cumulative dividends p |
2015 | 7.50 | 102.80 |
2014 | 17.00 | 95.30 |
2013 | 7.50 | 78.30 |
2012 | 7.50 | 70.80 |
2011 | 7.50 | 63.30 |
2010 | 7.50 | 55.80 |
2009 | 7.50 | 48.30 |
2008 | 7.50 | 40.80 |
2007 | 7.50 | 33.30 |
2006 | 6.50 | 25.80 |
2005 | 5.50 | 19.30 |
2004 | 4.50 | 13.80 |
2003 | 4.20 | 9.30 |
2002 | 2.80 | 5.10 |
2001 | 2.30 | 2.30 |
* Financial year end changed to 30 September in 2016
How to invest
Prospective and current investors can invest in the Baronsmead VCTs by subscribing for shares when the Companies raise funds through new share issuance. The VCTs have raised over £500m since 1995, with £43m of new shares issued in the last tax year. The minimum subscription amount under the last offer was £3,000.
Investors may also buy shares in the VCTs on the secondary market, but without the same tax benefits.
Offers for subscription | ||
The Baronsmead VCTs are now closed. | ||
Find out more>> | ||
Investors can also access access more information about the shares and the company through the listed company (ticker: BSVT)
To receive information about share offers please sign up using the form below:
Important information
Prospective investors should carefully consider the risks associated with this form of investment and seek advice from a qualified financial adviser. Investment in smaller unquoted companies involves a higher degree of risk than investment in larger companies. VCT shares are infrequently traded, so shares are often valued at a discount to their Net Asset Value and may be difficult to realise. Shareholders may be offered a price which is less than the full value of the underlying assets.
2021
16 February 2021 – AGM
May/June 2021 – Announcement and posting of interim report for the six months to 31 March 2021
November/December 2021 – Announcement and posting of final results for year to 30 September 2021
2020
May 2020 – Announcement of interim results for the six months to 31 March 2020
November 2020 – Announcement of final results for the year to 30 September 2020
Management and administration
Details of the management, administration, monitoring, arrangement and performance fees charged by Gresham House Asset Management Limited (the Manager or Gresham House) and co-investment arrangements are shown in the “Report of the Directors” section of the Company’s Annual Report and Accounts which are available in the “Report and Accounts” section on this web site. A summary of the fees and charges is shown below.
Annual running costs
Annual running costs, including fees payable to Gresham House, Directors’ fees, professional fees and the costs incurred by each Company in the ordinary course of business (but excluding any performance fees payable to the Manager and irrecoverable VAT), are capped at 3.5% of the Company’s net assets, any excess being met by Gresham House by way of reduction in future management fees.
The Manager is paid an annual management fee equivalent to 2.5% of the Company’s net assets which is paid quarterly in arrears.
The ongoing charges ratio as at 30 September 2020 was 2.7% (2019: 2.7%). This percentage is stated with reference to the average total shareholder funds over the last financial year.
Performance fees
A performance fee is payable to the Manager when the total return on net proceeds of the ordinary shares exceeds 8% per annum (simple) on net funds raised. The performance fee payable in any one year is capped at 5% of net assets.
To the extent that the total return exceeds the threshold, a performance fee (plus VAT) will be paid to the Manager of 10% of the excess. No performance fee was payable for the year to 30 September 2019.
Baronsmead Second Venture Trust plc (the Company) Anti-Corruption and Bribery Policy
A zero-tolerance approach is taken by the Board of Baronsmead Second Venture Trust plc to bribery and corruption. The Board are committed to acting professionally, fairly and with integrity at all times. Accordingly it expressly prohibits any Director or associated persons, when acting on behalf of the Company, from accepting, soliciting, paying, offering or promising to pay, or authorising any payment, public or private, in the United Kingdom or abroad to secure any improper benefit for them self or for the Company.
Bribery is the accepting of gifts, money, hospitality or other favours in return for providing something of value to the briber. The purpose of this policy is to set out the rules that must be followed to ensure that no bribery occurs.
The Bribery Act 2010 contains two general offences covering the offering, promising or giving of a bribe and the requesting, agreeing to receive or accepting of a bribe. It also sets out two further offences which specifically address commercial bribery: one relating to the bribery of a foreign public official in order to obtain or retain business or an advantage in the conduct of business and one creating a new form of corporate liability which an organisation can commit by failing to prevent bribery of any of its employees, subsidiaries, agents or service providers or other associated persons (defined as a person who “performs services” for or on behalf of an organisation and may include employees, contractors, agents, service providers and subsidiaries) in an attempt to obtain or retain business or a business advantage both in the UK or internationally.
The Directors of Baronsmead Second Venture Trust plc recognise their responsibilities in ensuring that the Company has a robust policy to avoid such practices and to ensure compliance with its legal obligations. The Board has requested that it is informed immediately of any identified instances of bribery or corruption within any of its principal service providers. On an annual basis, principal service providers are required to confirm to the Company that an anti-bribery policy and adequate procedures are in place and report any identified instances of bribery or corruption and details of the corrective courses of action taken.
As part of a risk based approach, the Board has delegated to the Audit Committee, the task of carrying out an annual risk assessment on matters relating to bribery, involving due diligence enquiries in respect of persons who perform or will perform services for or on behalf of the Company, in order to mitigate identified risks.
The Audit Committee will review this policy and procedures at least annually and report back to the Board who will ensure that it is publicly available both on the Company’s website and also in its Annual Report & Accounts.
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Disclaimer
Important Information
This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (Regulated Information). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events.
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
The nature of investment in VCTs
VCTs are a particular type of investment company. They were established by the UK Government with the intention of encouraging investment in smaller, or ‘venture’, UK companies. Investment in VCTs is high-risk and for the long-term. Prospective investors should refer to the detailed risk warnings in the relevant prospectus, but key risks are set out below.
Past performance and risk of loss of capital
The past performance of the VCTs is not a guide to their future performance. The value of a VCT depends on the performance of the underlying assets. The value of the investment and dividend stream from the Gresham House Renewable VCTs can rise and fall. Shareholders may get back less than originally invested, even taking the tax reliefs into account. There can be no guarantee that investment objectives of any of the VCTs will be achieved.
Risks inherent in investing in small companies
Investment in smaller companies which are unquoted, or traded on AIM or ISDX Markets, by its nature, involves a higher degree of risk than investment in larger companies, including those traded on the main market. In particular, smaller companies often have limited product lines, markets or financial resources and may be dependent for their management on a smaller number of key individuals. In addition, the market for shares in smaller companies is often less liquid than that for shares in larger companies, bringing with it potential difficulties in acquiring, valuing and disposing of such shares.
Investments held by the VCTs may be difficult to realise. The fact that a share is traded on AIM or PLUS-Markets does not guarantee its liquidity. The spread between the buying and selling price of such shares may be wide and thus the price used for valuation may not be achievable. Any change of governmental, economic, fiscal, monetary or political policy could materially affect, directly or indirectly, the operation of the VCTs and/or their ability to achieve or maintain VCT status.
Long-term investment and liquidity risks
An investment in a VCT is for the long term. VCT shares are not likely to be easy to sell at full value. Trading in VCT shares is not particularly active, so shares tend to be valued at a discount to their net asset value. In other words, if you seek to sell, you may be offered a price which is less than the full value of the underlying assets. Mechanisms for the buy-back of shares are explained in the annual reports for the VCTs, but you should have no expectation that there will be any buy-back or other opportunity to redeem your interest.
Tax risks
The information on this web site is based on existing legislation, including taxation legislation. The tax reliefs described are those currently available. The tax rules or their interpretation in relation to an investment in the VCTs and/or rates of tax may change during the life of the VCTs and any such changes can be retrospective. Changes in legislation concerning VCTs in general, and qualifying holdings and qualifying trades in particular, may limit the number of new qualifying investment opportunities and/or reduce the level of returns that would otherwise have been achievable. The value of tax reliefs depends on the personal circumstances of the holders of the share in the VCTs, who should consult their own tax advisers before making any investment.
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Company Information
Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at 5 Cheapside, London EC2V 6AA.
Important Information
You are attempting to access a section of the website that is not suitable for everyone. This section of our website is intended for Professional Investors only as defined in section 3.5 of the FCA handbook. By clicking ‘Agree’ below you are agreeing that you are a professional investor and eligible to receive information intended only for professional investors.
This website is not intended to constitute, and should not be construed as, investment advice, an investment recommendation or investment research. All information contained on this website has been provided to you for information purposes only, may not be relied on for any purpose and should not be assumed to be complete, accurate, up to date or fit for a particular purpose.
Certain information contained on this website may from time to time include information that relates to specified investments or regulated activity (“Regulated Information”). Where appropriate, such Regulated Information will be approved as a financial promotion by Gresham House Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority with financial services register reference number 682776. Access to, and reliance on, such Regulated Information is subject to the terms and statements regarding risk contained therein. Unless explicitly stated to the contrary, no information on this website is intended as, or should be taken to be, an offer or solicitation with respect to the purchase or sale of any security or interest or other in any jurisdiction. Any decision to purchase securities or interests must be based solely on the information contained in the documents relating thereto, which must be received and reviewed in full, prior to making any investment decision. Prospective investors are reminded that the actual performance realised will depend on numerous factors and circumstances some of which will be specific to the investor.
In addition to any other risk factors contained within Regulated Information available on this web site, investors should note that investments referred to on this website place investors’ capital at risk and could result in a total loss of capital.
Past performance is not indicative of future events
Prospective investors should seek their own independent financial, tax, legal and other professional advice before making a decision to invest.
Some Regulated Information may relate to Alternative Investment Funds within the meaning of the Alternative Investment Fund Managers Directive and the availability of such information will be subject to the registration of the Alternative Investment Fund in relevant jurisdictions as described in the documents relating thereto. Any dissemination or unauthorised use of information or documents obtained from this website by any person or entity is strictly prohibited.
To the greatest extent permitted by law, Gresham House Asset Management Limited and the members of the Gresham House Group and their affiliates, agents, service providers and professional advisers assume no liability or responsibility and owe no duty of care for any consequences of any person acting or refraining to act in reliance on the information or documents contained on this website or for any decision based on it.
This site uses cookies to improve your user experience. By using this site you agree to these cookies being set. To find out more about our use of cookies please see the Online Privacy and Cookies Policy.
Gresham House is registered in England and Wales under company number 09447087 and has its registered office at 5 New Street Square, London, United Kingdom, EC4A 3TW. Gresham House’s main trading address is at Octagon Point, 5 Cheapside, London EC2V 6AA.