British brewery drafts plan to join Pisces platform
A British brewery has drawn up plans to become the inaugural member of Asset Match’s new private markets platform, granting it a major boost as it competes to lure over unlisted companies to its framework.
The online private stock market has welcomed Wiltshire-based brewer and pub operator Wadworth to its Private Intermittent Securities and Capital Exchange System (Pisces), allowing existing shareholders to sell part of their vested equity to buyers.
Participants will be able to access company reports and auction details on 4 August. Buyers and shareholders can submit orders during Wadworth’s first trading window of 11 August to 30 September.
Founded in 1875, Wadworth has traded its A ordinary shares, a class of company equity which typically involves voting rights, on the Asset Match platform since February 2023.
The brewer, which is known for its range of traditional ales such as 6X, has traded more than 300,000 shares to date.
Ben Weaver, Business Development Director at Asset Match, said the PISCES auction “represents the first opportunity” for a broader pool of investors to acquire shares in Wadworth.
Weaver said: “We believe there is strong investor appetite for established private companies with recognised brands, tangible assets and long-term growth potential.
“We expect Wadworth inaugural PISCES auction to attract significant interest.”
Simon Townsend, chairman of Wadworth, said the transaction would “broaden awareness of the company” among investors.
Gaining traction
Asset Match received its Pisces approval from the Financial Conduct Authority in April, and the float of Wadworth is the first test of whether the exchange can offer liquidity to shareholders.
The platform now faces convincing other companies who are looking to unlock value without listing to use their platform instead of rivals JP Jenkins, Vestd and London Stock Exchange Group.
London’s platform welcomed fintech Moneybox last month, confirming a £45m employee share sale, as well as autonomous driving firm Wayve in a bumper £63m employee share sale.
JP Jenkins has also only welcomed one group under its framework so far, completing the transaction of digital board game maker QPLAY in March. Vestd is yet to have a company list on its framework.