44843
formerly The Income & Growth VCT plc
Current share price | 62.5 p |
Cumulative total return* | 230.5 p |
*Share price cumulative total return per share since launch
London Stock Exchange | As at 07/07/2025
The objective of Gresham House Income and Growth VCT plc (the Company) is to provide investors with an attractive return by maximising the stream of tax-free dividend distributions from the income and capital gains generated by a diverse and carefully selected portfolio of investments, while continuing at all times to qualify as a VCT.
The Company invests primarily in a diverse portfolio of UK unquoted companies. Investments are made selectively across a number of sectors, principally in established companies. The Board has a target of paying an annual dividend of 7% of opening net asset value (“NAV”) per share in respect of each financial year.
Read our H1 2025 insightsImage credit: CitySwift, portfolio company
The breadth and depth of resource in portfolio and talent management assists the Gresham House VCTs’ existing portfolio companies to grow successfully. This is supported by the infrastructure and resources of the Gresham House Group.
Latest published valuation | Net assets (£mn) |
Net asset value (pence per share) |
Total dividends paid (pence per share) |
NAV cumulative total return (pence per share) |
---|---|---|---|---|
31/03/2025 | 211.8 | 65.40 | 168 | 233.4 |
Reviewing the performance of your investment:
Use the below table to see how your investment has performed (including the dividends you have received) from the date on which your shares were allotted.
Prior to July 2024 there were four Mobeus VCTs. Following shareholder approval these four companies were merged to become two.
Mobeus Income & Growth 2 VCT plc (MIG2) and Mobeus Income & Growth 4 VCT plc (MIG4) were put into liquidation with the assets transferred to Mobeus Income & Growth VCT plc (MIG) and The Income & Growth VCT plc (I&G) respectively.
In June 2025, The Income & Growth VCT plc and Mobeus Income & Growth VCT plc were renamed to become Gresham House Income & Growth VCT plc and Gresham House Income & Growth 2 VCT plc respectively.
Image credit: OnSecurity, portfolio company
Date of Appointment: 12 February 2020
Maurice has extensive experience as a Chairman and Independent Non-Executive Director with a proven track record in entrepreneurial, growth and established businesses across a wide range of companies. After a successful 16-year corporate career at Marks and Spencer plc, he left his role as Executive Director on the Main Board to found Amery Capital with a principal focus on investment and advisory work in digital, retail and consumer businesses. He has an MBA from Harvard Business School with High Distinction. His current appointments include Chairman of ME+EM and Oliver Sweeney, Independent Director at Hakim Group and Executive Chairman at Amery Capital Limited.
Qualifications: BA Econ (Hons) MBA Harvard
Date of Appointment: 26 July 2024
Graham is an investment and financial services professional with over 20 years’ experience in the private equity industry. A chartered accountant, Graham was one of the founding partners of SL Capital Partners LLP, (formerly Standard Life Investments (Private Equity) Ltd) where he was a Partner and Board Member until 2010. During his 13 years at SL Capital, he was one of the managers of Standard Life Private Equity Trust plc and was a member of the advisory boards to a number of leading private equity fund managers. In 2013, Graham co- founded TopQ Software Ltd, a technology company which develops software for the private equity industry. TopQ Software was acquired by eVestment Inc (now part of NASDAQ Inc) in 2015, where until early 2018, Graham was a Director of their private markets data and analytics business. Graham was Chair of Octopus VCT 4 plc until 2018 and is currently a Non -Executive Director of Diaceutics plc, Baillie Gifford US Growth Trust plc, Invesco Perpetual UK Smaller Companies Investment Trust plc and Chair of Datactics Ltd.
Date of appointment: 12 November 2019.
Justin is a qualified Chartered Accountant with extensive financial, investing and private equity experience across a number of sectors. Between 1995 and 2010 he worked for CVC Capital Partners, Hermes Private Equity and Bridgepoint Development Capital leading growth equity and private equity buyout transactions and has subsequently made a number of angel investments in technology businesses. Justin has served on the board of a number of private companies as Non-Executive director and is currently Non-Executive Director at School Explained Limited. He is also a Non-Executive Director on the board of Hargreave Hale AIM VCT plc and Chairman of the Audit Committee. Justin is the Chairman of the Nomination and Remuneration Committee and Investment Committee of the Company.
Qualifications: BSc, ACA
Date of Appointment: 07 November 2022
Nemone’s background is in the equity capital markets sector of the City of London, including as Finance Director on the main board of a stock exchange. She has an MA from the University of Oxford and an MBA from Cranfield School of Management. Having begun her career in corporate finance at KPMG and HSBC, Nemone is currently Chair of Shepherds Friendly Society, Chair of Audit and Risk at Good Energy Group plc, and Non-Executive Director of Hinckley & Rugby Building Society, where she also chairs the Nominations Committee. Nemone is the Chair of the Audit Committee.
Qualifications: MA, MBA, Fellow of the Chartered Institute for Securities and Investment
Trevor joined Gresham House in 2021 as part of the Mobeus VCTs acquisition. For over 25 years, he has invested in fast-growing businesses at the series A stage and beyond.
Prior roles include at Barclays, RBS, 3i and Beringea. Previous investments and Board positions include Paragon Software, Mondus.com, Cambridge Industries, Southnews plc, Achilles Group, MyOptique, Fjordnet, ILG Digital, Celebrus Technologies, Big Data Partnership, and Preservica.
Trevor holds an MBA from Exeter University, is an associate of the Chartered Institute of Bankers and a Member of the Chartered Institute of Marketing.
Clive joined Gresham House in 2021 as part of the Mobeus VCTs acquisition. He is an investment management specialist with experience across a wide variety of sectors and stages of company development. He has worked in the private equity industry since 1995 making investments including TeleCity and Kerridge Commercial Systems. He has been working in the VCT industry since 2008 with previous experience including running his own business and as a Director of NVM Private Equity, Catapult Venture Managers and 3i plc.
Having specialised in portfolio management, Clive has acted as non-executive director and Chairman of a wide range of private equity backed businesses such as Virgin Wines, Entanet and Equip Outdoor Technologies. He now heads VCT portfolio management across the Gresham House VCT stable, sits on the Investment Committee and has responsibility for the portfolio valuations processes.
Clive holds a BSc (Hons) in Applied Physics & Electronics from Durham University, a DipM from the Chartered Institute of Marketing, and an MBA from the University of Warwick.
Greg joined the Mobeus VCT team in 2013. He sources and executes investments into fast-growing businesses and is our resident consumer expert. He combines a natural flair for understanding the drivers of brand value, insight into wider market dynamics and strong corporate finance experience. Previous investments and Board positions include Virgin Wines, MPB, Rotageek and Buster + Punch.
Greg joined Mobeus from Piper Private Equity and previously worked at PwC in Corporate Finance.
He holds a BA/ ACC in Business Studies & Accounting from the University of Edinburgh and is a Chartered Accountant (ICAS).
Rohit focusses on venture capital investments at late Seed / Series A stages and beyond with a specific focus on Fintech, SaaS, and AI-first technology companies. Previous investments include Adsum Technologies, Refyne Technologies, Honest Bank, WealthKernel, Penfold Pensions, and many others. He has a global network having worked / invested in the UK, EU, India, ME and SEA.
Before Gresham, Rohit was an Investment Partner at Digital Horizon VC and led their fintech investments globally, and before that spent 10+ years at Barclays Bank London in various roles including as the Lead for the Barclays VC unit. He has significant operational, commercial and leadership experience having worked with start-ups in Commercial roles and built and launched the wealth management and private banking mobile app for Barclays. He was a Management Consultant with EY and started his career as a Software Engineer with Infosys Technologies.
Rohit is passionate about diversity causes and has held various NED roles with start-ups and education institutions including being on the Global Alumni Board of Manchester Business School.
Rohit has an MBA (Director’s List and AT Kearney Scholar) from Manchester Business School, UK, and a B.Eng. (Honour’s) from Agra University, India.
Marieke joined Gresham House in February 2025 as Portfolio Director.
Marieke draws on over 15 years of industry experience. Prior to joining Gresham House Ventures, she was a senior investor and investment committee member at Forestay, a pan-European venture capital fund. She led a team focused on enterprise SaaS startups across the UK and Europe and served on the boards of four portfolio companies. Previously, she led the growth investment team at Octopus Ventures, serving on nine boards and managing new and follow-on investments as well as exits. She began her career in leveraged finance at NIBC (Frankfurt) and Credit Suisse (London).
Marieke has invested in and sat on the board of companies between £1m and £100m revenues and has deep experience supporting founders and management from first investment to exit.
She holds an MBA from Mannheim University. She is a mentor with Level20 and GAIN and serves as a Governor at West Wimbledon Primary School. Originally from Germany, she has lived in Spain and Mexico before moving to the UK in 2011.
Outside of work, Marieke enjoys time with her family, yoga, snowboarding and the theatre.
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.
James joined Gresham House in December 2019 and works as part of our growth equity division, Gresham House Ventures.
Prior to this he spent five years at PwC, latterly working in the financial due diligence team.
James is a Chartered Accountant and read Economics and Accounting at Edinburgh University.
Ed brings nearly 20 years’ experience of helping SMEs to create and realise shareholder value to his role. He has been working with Mobeus VCT management teams since 2017 to help them achieve their ambitions for growth and has overseen several notable exits in that time, including Automated Systems Group, Access-IS and Auction Technology Group. He also led the successful IPO of Virgin Wines in 2021.
Ed represents the Mobeus VCTs directly on the Board of several businesses, including Virgin Wines, RotaGeek and Vivacity Labs. His previous roles include CIO at Catapult Ventures in Assurance and Business Recovery Services at PwC. Ed was named one of Real Deals’ Future 40 Investment Leaders in April 2021.
He holds a BA (Hons) in Ancient History from the University of Nottingham and is a Chartered Accountant (ICAEW).
Go to London Stock Exchange for Live Share Price and Regulatory News
Payment date | In respect of y/e | Type | Dividends paid per Share (p) |
---|---|---|---|
11/04/2025 | 30/09/2025 | Interim | 2.5 |
18/10/2024 | 30/09/2024 | Interim | 3 |
07/06/2024 | 30/09/2024 | Interim | 3 |
08/11/2023 | 30/09/2023 | Interim | 7 |
26/05/2023 | 30/09/2023 | Interim | 4 |
07/11/2022 | 30/09/2022 | Interim | 4 |
08/07/2022 | 30/09/2022 | Interim | 4 |
07/01/2022 | 30/09/2021 | Interim | 4 |
23/07/2021 | 30/09/2021 | Interim | 5 |
28/09/2020 | 30/09/2020 | Interim | 11 |
10/07/2020 | 30/09/2020 | Interim | 3 |
18/10/2019 | 30/09/2019 | Interim | 4.5 |
12/07/2019 | 30/09/2019 | Interim | 1.5 |
15/02/2019 | 30/09/2018 | Final | 3.5 |
21/06/2018 | 30/09/2018 | Interim | 2.5 |
15/02/2018 | 30/09/2017 | Final | 3 |
31/08/2017 | 30/09/2017 | Special | 15 |
20/06/2017 | 30/09/2017 | Interim | 3 |
15/02/2017 | 30/09/2016 | Final | 4 |
07/07/2016 | 30/09/2016 | Interim | 6 |
15/02/2016 | 30/09/2015 | Final | 6 |
30/06/2015 | 30/09/2015 | Interim | 6 |
20/03/2015 | 30/09/2014 | Final | 4 |
30/10/2014 | 30/09/2014 | Interim | 8 |
03/07/2014 | 30/09/2014 | Interim | 6 |
12/03/2014 | 30/09/2013 | Final | 4 |
27/06/2013 | 30/09/2013 | Interim | 6 |
08/02/2013 | 30/09/2012 | Interim | 6 |
15/02/2012 | 30/09/2011 | Final | 4 |
27/01/2012 | 30/09/2012 | Interim | 20 |
28/03/2011 | 30/09/2010 | Final | 2 |
22/02/2011 | 30/09/2019 | Interim | 2 |
17/03/2010 | 30/09/2009 | Final | 0.5 |
Dividend Declared – A 2.50 pence per share interim dividend has been declared in respect of the year ending 30 September 2025. This dividend will be paid on 11 April 2025 to Shareholders on the Register on 14 March 2025.
Shareholders are encouraged to ensure that the Registrars maintain up-to-date details for them and to check whether they have received all the dividends payable to them. This is particularly important for those who have recently moved house or changed their bank. We are aware that a number of dividends remain unclaimed by shareholders and whilst we will endeavour to contact the shareholders concerned, if this is the case, we cannot guarantee that we will be able to do so if the Registrars do not have an up-to-date telephone number and/or email address.
The Scheme provides shareholders with the opportunity to reinvest their cash dividends into new shares in the VCT at the latest published NAV price (adjusted for subsequent dividends, as appropriate). New VCT shares attract the same tax reliefs as shares purchased through an Offer for Subscription.
Key information:
Shareholder Queries:
The Scheme Administrator is The City Partnership (UK) Limited, and they handle all queries relating to the Scheme, including amendments to participation. Their details are as follows:
Email: registrars@city.uk.com
Post: The City Partnership (UK) Limited, The Mending Rooms, Park Valley Mills, Meltham Road, Huddersfield HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Rules and Documents:
The Scheme Rules for the Scheme and a mandate form can be downloaded via the links below:
*adjusted for dividends paid since this date
Period End | Net Asset (£mn) | Net Asset Value per share (pence per share) | Cumulative Dividends paid per share (pence per share) | Net Asset Value cumulative total return (pence per share) |
---|---|---|---|---|
30/09/2024 | 188.7 | 70.90 | 165.5 | 236.4 |
Note: All figures are adjusted from when a dividend has become ex-div in the period after which a NAV has been announced.
Period End | Net Asset (£mn) | Net Asset Value per share (pence per share) | Cumulative Dividends paid per share (pence per share) | Net Asset Value cumulative total return (pence per share) |
---|---|---|---|---|
30/09/2024 | 188.7 | 70.90 | 168 | 238.9 |
30/09/2023 | 122.8 | 79.33 | 162.5 | 241.83 |
30/09/2022 | 108.4 | 83.7 | 152.5 | 236.2 |
30/09/2021 | 119.1 | 100.45 | 144.5 | 244.95 |
30/09/2020 | 83.1 | 70.06 | 136.5 | 206.56 |
30/09/2019 | 81.7 | 79.11 | 131.5 | 210.61 |
30/09/2018 | 82.6 | 78.32 | 113 | 191.32 |
30/09/2017 | 64.4 | 81.21 | 108 | 189.21 |
30/09/2016 | 70.8 | 98.5 | 102.5 | 201 |
30/09/2015 | 75.2 | 106.39 | 80.5 | 186.89 |
30/09/2014 | 69.3 | 114.6 | 68.5 | 183.1 |
30/09/2013 | 60.5 | 113.9 | 50.5 | 164.4 |
30/09/2012 | 50.6 | 109.6 | 40.5 | 150.1 |
30/09/2011 | 49.2 | 120.8 | 28.5 | 149.3 |
30/09/2010 | 36.6 | 99.0 | 4.5 | 103.5 |
30/09/2009 | 11.0 | 93.2 | 0.5 | 93.7 |
Share price cumulative total return per share since launch
* 'Launch' is based upon an issue price at launch of 94.5 pence (being 100 pence less 5.5 pence issue costs).
Year End | Annual NAV cumulative total return % |
---|---|
30 September 2024 | 2.00% |
30 September 2023 | 4.30% |
30 September 2022 | -8.70% |
30 September 2021 | 50.51% |
30 September 2020 | 11.90% |
30 September 2019 | 7.40% |
30 September 2018 | 3.21% |
Date launched | October 2000 |
Company number | 4069483 |
Investment adviser | Gresham House Asset Management Limited |
Auditor | Johnston Carmichael LLP |
Registered office | 5 New Street Square, London EC4A 3TW |
Directors | Maurice Helfgott, Justin Ward, Nemone Wynn-Evans and Graham Paterson |
Registrar | The City Partnership (UK) Limited |
LSE code | GHV1 |
Company | Total investment cost (£000) | Total book cost (£000) | Valuation (£000) | % of net asset by value |
---|---|---|---|---|
1. Preservica | 8,611 | 20,502 | 43,149 | 19.7 |
2. MPB | 2,606 | 8,838 | 17,759 | 8.1 |
3. ActiveNav | 6,726 | 8,151 | 10,328 | 4.7 |
4. Arkk Consulting Limited (trading as Arkk Solutions) | 3,782 | 4,277 | 5,858 | 2.7 |
5. Virgin Wines | 111 | 2,055 | 5,043 | 2.3 |
6. Rotageek | 3,054 | 3,368 | 4,262 | 1.9 |
7. Buster + Punch | 3,543 | 3,873 | 3,727 | 1.7 |
8. Veritek | 2,145 | 2,073 | 3,563 | 1.6 |
9. Caledonian Leisure | 1,296 | 1,946 | 3,561 | 1.6 |
10. Ozone API | 2,583 | 2,867 | 2,999 | 1.4 |
Data as at the date of the most recent published Half Year or Annual Report.
80 Cheapside, London, EC2V 6EE
Tel: +44 (0)20 7382 0999
Email: ghvcts@greshamhouse.com
80 Cheapside, London, EC2V 6EE
Tel: +44 (0)20 7382 0999
Email: ghvcts@greshamhouse.com
The Mending Rooms
Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
Tel: 01484 240 910.
(Lines are open 9:00 am to 17:30 pm, Monday to Friday, excluding public holidays in England and Wales. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate.)
Email: registrars@city.uk.com
40 Gracechurch Street
London
EC3V 0BT
Tel: 020 7886 2716
E-mail: chris.lloyd@panmure.com
Johnston Carmichael
Bishop’s Court
29 Albyn Place
Aberdeen
AB10 1YL
The Mending Rooms, Park Valley Mills
Meltham Road
Huddersfield
HD4 7BH
60 Gracechurch Street
London
EC3V 0HR
1 London Bridge
London SE1 9BG
6 Snow Hill
London
EC1A 2AY
Office 416
83 Victoria Street
London SW1H 0HW
The VCT has adopted a zero tolerance approach to bribery. The following is a summary of its policy:
A full copy of the VCT’s anti-bribery policy and procedures can be obtained from the Company Secretary by sending an email to mobeusvcts@greshamhouse.com.
The Board recognises the importance of sound corporate governance. It endorses and has been an early adopter of the main principles of good corporate governance set out in the Association of Investment Companies Code of Corporate Governance August 2024 (“the AIC Code”) which addresses all the principles set out in the UK Corporate Governance Code, as well as setting out additional principles and recommendations on issues that are of specific relevance to the Company. The Financial Reporting Council (FRC) has confirmed that in complying with the AIC Code the Company will meet its obligations in relation to the UK Corporate Governance Code and the associated disclosure requirements under the UK Listing Rules.
The Board considers that the Company has complied with the AIC Code throughout the period ended 30 September 2024. A table providing more detailed explanations of how the Company has complied can be downloaded by clicking here.
The Objective of the Company is to provide investors with an attractive return by maximising the stream of the tax-free dividend distributions from the income and capital gains generated by a diverse and carefully selected portfolio of investments, while continuing at all times to qualify as a VCT.
The Company’s policy is to invest primarily in a diverse portfolio of UK unquoted companies. Investments are generally structured as part loan and part equity in order to receive regular income and to generate capital gains upon sale.
Investments are made selectively across a number of sectors, principally in established companies.
The Company’s cash and liquid resources are held in a range of instruments of varying maturities, subject to the overriding criterion that the risk of loss of capital be minimised.
The Investment Policy is designed to ensure that the Company continues to qualify and is approved as a VCT by HMRC.
Principal conditions to be a VCT:-
1. A VCT must have at least 80% by VCT tax value of its total investments throughout the period in shares or securities comprised in VCT qualifying holdings (see below).
2. For funds raised after 6 April 2011 and all investments made after 5 April 2018, a minimum overall of 70% by VCT tax value must be in ‘eligible shares’ which carry no preferential rights (save as may be permitted under VCT rules).
3. In addition, although a VCT can invest less than 70% of an investment in a specific company in eligible shares it must have at least 10% by VCT tax value of its total investment in each VCT qualifying company’s eligible shares.
4. A VCT may not invest more than 15% of its total investments (shares, securities and liquidity) in a single company or group (measured by VCT tax value at the time of investment)
5. VCTs are required to invest 30% of any funds raised in an accounting period in qualifying holdings within 12 months of the end of that accounting period and the period for reinvestment of the proceeds on disposal of qualifying investments is 12 months.
To be a VCT qualifying holding, the principal requirements for the companies in which investments are made are to:
1. carry on a qualifying trade;
2. have no more than £15 million of gross assets at the time of investment and £16 million immediately following the investment;
3. have a maximum age which is generally up to seven years (ten years for knowledge intensive businesses);
4. receive no more than an annual limit of £5 million and a lifetime limit of £12 million (for knowledge intensive businesses the annual limit is £10 million and the lifetime limit is £20 million) from VCTs and similar sources of State Aid funding;
5. use the funds received from VCTs for growth and development purposes.
The Company initially holds its funds in a portfolio of interest bearing investments and deposits. The investment portfolio of qualifying investments is built up over a three year period with the aim of investing and maintaining at least 80% of net funds raised in qualifying investments.
Risk is spread by investing in a number of different businesses across different industry sectors. To reduce the risk of high exposure to equities, each qualifying investment is structured to achieve the optimum balance between loan stock and equity to provide protection against downside risk alongside the best potential overall returns.
The Company is entitled to invest alongside other VCTs advised by Mobeus that have a similar investment policy, normally on a pro rata to net assets basis.
The Company’s Articles of Association permit borrowing of up to 10% of the adjusted capital and reserves (as defined therein). However, it has never borrowed and the Board has currently no plans to undertake any borrowing.
We confirm that the shares of Gresham House Income & Growth VCT plc, (formerly The Income & Growth VCT plc) are currently ‘excluded securities’ in accordance with guidance issued by the Financial Conduct Authority and can therefore be recommended to retail investors by financial advisers.
Location:
Size:
Type:
This website uses cookies to help us provide the best experience for you. Please select 'Allow all' to consent to the use of cookies on your device or select 'Manage cookies' for more options. You can find out more in our online privacy and cookie policy.
Gresham House asks you to consent to the use of cookies, to store and access basic, first-party data about your website usage. Some of these cookies are essential to our site working properly and others help us improve the site by providing insight into how the site is being used. To allow us to provide the best website experience, we recommend that you accept the use of all cookies. Please note that some data processing may not require your consent but you have the right to object to such processing. Please read our online privacy and cookie policy which is available on our website.
Data collected in this category is essential to provide our services to you. The data is necessary for the website to operate and to maintain your security and privacy while using the website. These cookies are always on as they are critical to the website functioning correctly. This data is not used for marketing purposes or the purposes covered by the two categories below.
Data collected in this category is used to inform us about how the website is used, to improve functionality on our website and to help us to identify issues you may have when accessing our website. This data is not used to target you with advertising.
Data collected in this category is used to help make our messages more relevant to you. The data may be shared with our media partners and platforms we may use to deliver personalised advertisements and messages.