Baronsmead Venture Trust plc Baronsmead Venture Trust plc
Providing capital and expertise to support entrepreneurial businesses on their journey.

Providing capital and expertise to support entrepreneurial businesses on their journey.
Baronsmead Venture Trust plc is a tax-efficient venture capital trust, investing in and working alongside some of the very best early stage and growth businesses in the UK, across all market cycles.

Benefits of investing in VCTs with Baronsmead
Baronsmead Venture Trust plc invests in the future of British business while aiming to deliver attractive long-term performance and dividend income for shareholders. Our VCT investment team looks for pioneering businesses that will be at the heart of the future UK economy.
Our broad and diversified portfolio – including a range of technology, healthcare and hospitality businesses – is consistently reviewed and refined, as we seek to find and develop success stories, and support their journeys.
The Baronsmead VCTs have the advantage of access to the experience of the Gresham House network, providing investee businesses with the opportunity to benefit both financially and practically throughout their development.
As a leading specialist alternative asset manager, Gresham House evaluates and manages investments on Baronsmead Venture Trust plc’s behalf, in line with the strategy agreed by the Board.
Our dedicated early stage venture team has extensive expertise in both listed and unquoted investing and they often perform Board or Advisory roles for our larger holdings. The Baronsmead VCTs also significantly benefit from access to the wider Gresham House network, from the sourcing of deals through to operational support and transformative human capital necessary at each stage of growth.
Our approach
Focusing on sectors, markets and companies with long term structural growth trends, the Baronsmead VCT team utilise their specialist skills and connections to provide both capital and support to take exciting businesses to the next level.
Drawing on our VCT investment team’s extensive entrepreneurial relationships and specialist skills, we inject capital at pivotal times in order to support exciting businesses on their journey.
We have consistently high levels of new deal opportunities being received and this is in no small part down to our extensive early-stage network, which supports both investment appraisal and post-deal value creation.

How to invest
Prospective and current investors can invest in the Baronsmead VCTs by subscribing for shares when the Companies raise VCT funds through new share issuance.
The Baronsmead 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: BVT)
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

Peter Lawrence was until the merger on 8 February 2016, a Non-Executive Director of Baronsmead VCT plc having been appointed in November 1999 and becoming Chair in 2009. Peter was also a prior Chair of Baronsmead VCT 5 plc before retiring in 2010. Peter was formerly Chair of ECO Animal Health Group plc, an AIM-traded company which he founded in1972.
Peter is currently the Chair of Amati AIM VCT plc and the Chair of Anpario plc, which is traded on AIM.

Les Gabb served as a Director of Baronsmead VCT plc from May 2014 until the merger on 8 February 2016. For 10 years from 1990 Les was the Managing Director of the London subsidiary of the Bank of Bermuda with responsibility for the finance function of the Bank’s European group.
Since 2015 Les has been Finance Partner at Felix Capital Partners, a venture capital manager specialising in digital technology, and previously from 2000 held a similar role at Advent Venture Partners. Les is an ACA and an Associate of the Institute of Taxation, and a previous member of the BVCA Legal and Technical committee and the EVCA Venture Capital Council.

Susannah Nicklin is an Investment and Financial Services professional with 25 years of experience in executive roles at Goldman Sachs and Alliance Bernstein in the US, Australia and the UK. She has also worked in the social impact private equity sector with Bridges Ventures, the Global Impact Investing Network and Impact Ventures UK. Susannah was previously a Director of Baronsmead VCT plc and retired as a Non-Executive Director of the City of London Investment Group plc in October 2020.
Susannah is a Non-Executive Director and Senior Independent Director of Pantheon International plc and Non-Executive Director of The North American Income Trust plc, AIM VCT plc and Ecofin Global Utilities and Infrastructure Trust plc.

Valerie Marshall was appointed to the Board on 8 February 2016 following the merger with Baronsmead VCT plc where she served as a Director from November 2009. She invested in growing companies with both 3i plc and the Scottish Development Agency for nearly 20 years, and was then Corporate Finance Director of stockbrokers Greig Middleton and Co Ltd.
She has been Chair of the Council of the University of Kent and Deputy Chair of the Committee of University Chairs as well as Treasurer and trustee of the British Science Association, established by Royal Charter. Valerie recently retired as CEO of Stratagem Corporate Finance and Strategy Ltd, and as a Director of Marshall Capital Limited. She is Vice Chair of Town and Country Housing Group and is an Investment Committee member of the Angel Co-Investment Fund.
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 1533 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 Venture Trust plc AGM took place on 16 February 2021.
Thank you to all who attended and to those that sent through questions. Questions that were not 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 | April 1998 |
Net Asset Value (£) | £208.1m |
Net Asset Value (per share) | 77.2p |
Dividends paid since launch (per share) | 167.4p |
Annual average dividend in the past 10 years (per share) | 8.85p |
Annual average dividend since launch (per share) | 7.28p |
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 Venture Trust plc. Registered Office and address for correspondence: 5 New Street Square, London, EC4A 3TW Registered in England and Wales. Company Number: 03504214.
Latest Net Asset Value | Total net assets £m | Net asset value p | Net asset value total return since launch* p |
28 February 2021 | 208.1 | 77.2 | 448.8 |
* Source: Gresham House
For a link to the London Stock Exchange and the Share Price for Baronsmead Venture Trust plc, please click here:
Share Price for Baronsmead 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 | 164.8 | 71.4 | 396.7 |
2019 | 151.1 | 75.05 | 382.42 |
2018 | 175.5 | 91.47 | 423.65 |
2017 | 180.7 | 93.05 | 396.46 |
2016 | 150.6 | 87.09 | 363.36 |
2015 | 85.1 | 102.56 | 353.10 |
2014 | 83.1 | 98.62 | 318.80 |
2013 | 75.8 | 100.63 | 288.19 |
2012 | 72.4 | 101.10 | 252.04 |
2011 | 65.0 | 95.15 | 231.26 |
2010 | 63.7 | 94.79 | 208.25 |
2009 | 61.2 | 89.06 | 183.81 |
2008 | 54.8 | 91.68 | 184.02 |
2007 | 68.7 | 112.19 | 209.62 |
Year ended (as at 31 March) | Total net assets £m | Net asset value p | Net asset value total return since launch* p |
2006 | 69.6 | 114.62 | 190.51 |
2005 | 69.6 | 116.92 | 168.70 |
2004 | 41.1 | 100.63 | 141.80 |
2003 | 36.7 | 89.65 | 115.49 |
2002 | 41.2 | 100.54 | 120.15 |
2001 | 45.0 | 112.30 | 130.66 |
2000 | 31.0 | 119.59 | 134.62 |
1999 | 9.5 | 95.65 | 104.44 |
* Source: Gresham House
Year ended (30 September 2020) | 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 | 167.40 |
2019 | 6.50 | 160.90 |
2018 | 7.50 | 154.40 |
2017 | 6.50 | 146.90 |
2016 | 18.50 | 140.40 |
2015 | 6.50 | 121.90 |
2014 | 12.50 | 115.40 |
2013 | 9.50 | 102.90 |
2012 | 7.50 | 93.40 |
2011 | 7.00 | 85.90 |
2010 | 5.50 | 78.90 |
2009 | 5.50 | 73.40 |
2008 | 7.00 | 67.90 |
2007 | 8.50 | 60.90 |
2006 | 11.00 | 52.40 |
2005 | 10.20 | 41.40 |
2004 | 4.90 | 31.20 |
2003 | 11.90 | 26.30 |
2002 | 2.50 | 14.40 |
2001 | 3.50 | 11.90 |
2000 | 3.60 | 8.40 |
1999 | 3.80 | 4.80 |
1998 | 1.00 | 1.00 |
How to invest in the Baronsmead VCTs
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: BVT)
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 2.0% of the Company’s net assets which is paid quarterly in arrears.
The ongoing charges ratio as at 30 September 2019 was 2.2% (2018: 2.2%). This percentage is stated with reference to the average total shareholder funds over the last financial year.
Performance fees
performance fee will not be payable to the Manager until the total return on shareholders’ funds exceeds an annual threshold of the higher of 4% or base rate plus 2% calculated on a compound basis. To the extent that the total return exceeds the threshold over the relevant period then a performance fee of 10% of the excess will be paid to the Manager. The amount of any performance fee which is paid in an accounting period shall be capped at 5% of shareholder’s funds for that period.
A performance fee was last paid in the 2018 financial year.
Baronsmead Venture Trust plc (the Company) Anti-Corruption and Bribery Policy
A zero-tolerance approach is taken by the Board of Baronsmead 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 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.